1926

LAWS OF MARYLAND

Ch. 474

the lessor under the lease is limited to interest,
amortization of the mortgage, and the lessor's out-of-pocket
expenses, excluding profit or return to the lessor on his
investment in the land or improvements on it. A theatre
shall contain a minimum of 175 seats in order to qualify for
a tax credit under this section. Montgomery County may
require a qualifying community theatrical organization to
pay an annual charge for actual public services rendered;
[and] (4) the county governing body as to county taxation,
and the governing body as to municipal taxation, may by law
allow a tax credit for tangible personal property used to
improve, replace, or maintain the roads, common areas, or
other common facilities owned by a nonprofit organization,
association, or foundation which was formed for the sole
purpose of improving, replacing, and maintaining the roads,
common areas, or other common facilities established under
the town sector, planned retirement community zone, or
planned residential community zones of the duly enacted
county zoning ordinance where the common facilities are
dedicated for the use of all residents of the development
without payment of fees or admissions for their use[.]; [and
(4)] (5) for purposes of county taxation only, the county
government may, by law, provide for a credit against real
property taxes on property on which improvements are made to
existing structures within "neighborhood improvement plan
areas", so as to encourage housing and community
redevelopment in these areas, in accordance with the
following schedule:

(i) For the first 4 taxable years in which
the improved property is subject to taxation, the credit
shall be determined by the governing body as a percentage of
the actual costs of the improvements;

(ii) Thereafter, a credit under this
paragraph is not allowed[.]; AND

(iii) In this paragraph, "neighborhood
improvement plan area" means a geographical area, as
determined by the county governing body, which, because of
blighted or deteriorated conditions, has been cited as a
special target area for residential, business, and community
redevelopment; AND (6) FOR PURPOSES OF COUNTY TAXATION ONLY,
THE COUNTY GOVERNMENT MAY, BY LAW, PROVIDE FOR A CREDIT
AGAINST REAL PROPERTY TAXES ON REAL PROPERTY OWNED BY
BANNOCKBURN COOPERATORS, INC., WHICH IS LEASED BY
BANNOCKBURN COMMUNITY CLUB, INC. AND USED EXCLUSIVELY FOR
COMMUNITY, CIVIC, EDUCATIONAL AND RECREATIONAL PURPOSES, AND
FOR THE PROMOTION OF SOCIAL WELFARE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 12, 1981.