2642

LAWS OF MARYLAND

Ch. 704

(A)  IN PRINCE GEORGE'S COUNTY, THE COUNTY COUNCIL MAY
PROVIDE, BY ORDINANCE, THAT THE OWNER OF UNDEVELOPED LAND
REZONED FOR INDUSTRIAL OR COMMERCIAL USE IN ACCORDANCE WITH
ANY STAGED-DEVELOPMENT ZONING CLASSIFICATION, (INCLUDING
M-A-C, L-A-C, E-I-A, I-3, OR SIMILAR COMPREHENSIVE DESIGN OR
STAGED-DEVELOPMENT ZONING CLASSIFICATION), NOW OR HEREAFTER
PROVIDED IN THE ZONING ORDINANCE, IS ELIGIBLE TO RECEIVE A
TAX CREDIT DEFERRAL AGAINST REAL PROPERTY TAXES IMPOSED BY
THE COUNTY IF:

(1)  THE AMOUNT OF INDUSTRIAL OR COMMERCIAL LAND
IN THE PROPOSED DEVELOPMENT IS AT LEAST 25 ACRES;

(2)  THE AMOUNT OF THE TAX CREDIT DEFERRAL DOES
NOT HAVE THE EFFECT OF REDUCING THE COUNTY REAL PROPERTY TAX
ON THAT PROPERTY BELOW THE AMOUNT OF TAX THAT WOULD
OTHERWISE HAVE BEEN DUE IF THE ASSESSMENT HAD NOT BEEN
INCREASED AS A RESULT OF REZONING, AS DETERMINED BY THE
SUPERVISOR OF ASSESSMENTS; AND

(3)  THE TAX CREDIT DEFERRAL DOES NOT APPLY TO
ANY PORTION OF THE LAND WITHIN THE PROPOSED DEVELOPMENT
ZONED FOR OTHER THAN COMMERCIAL OR INDUSTRIAL USE.

(B)  THE TAX CREDIT DEFERRAL MAY NOT BE GRANTED FOR
LONGER THAN 5 YEARS FOR THE FIRST 25 ACRES OF ELIGIBLE
PROPERTY IN THE PROPOSED DEVELOPMENT, PLUS 1 ADDITIONAL YEAR
FOR EACH ADDITIONAL 10 ACRES OR MAJOR PART THEREOF. 5

YEARS.

(C) (1) IF A BUILDING PERMIT IS ISSUED FOR THE
CONSTRUCTION OF ANY BUILDING ON PROPERTY ELIGIBLE FOR THE
TAX CREDIT DEFERRAL AUTHORIZED BY THIS SECTION, THE TAX
CREDIT DEFERRAL SHALL TERMINATE.

(2) IF THE PART OF THE ELIGIBLE PROPERTY NOT
SUBJECT TO A BUILDING PERMIT UNDER PARAGRAPH (1) OF THIS
SUBSECTION MEETS THE ACREAGE REQUIREMENTS OF SUBSECTION (B)
OF THIS SECTION, THE TAX CREDIT DEFERRAL SHALL BE CONTINUED
FOR THE PORTION OF THE ELIGIBLE PROPERTY NOT SUBJECT TO THE
BUILDING PERMIT.

(D)  IF LAND UPON WHICH A TAX CREDIT DEFERRAL HAS BEEN
GRANTED IS SUBSEQUENTLY REZONED UPON THE REQUEST OF THE
OWNER OR AGENT TO A ZONING CLASSIFICATION IN WHICH THE
PROPERTY WOULD BE INELIGIBLE FOR THE TAX CREDIT DEFERRAL,
THE CREDIT SHALL TERMINATE, AND THE OWNER SHALL REIMBURSE
THE COUNTY FOR ANY TAX CREDIT DEFERRAL PREVIOUSLY RECEIVED,
PLUS INTEREST AS SPECIFIED IN THE COUNTY ORDINANCE PROVIDING
FOR THE TAX CREDIT DEFERRAL.

(E) (1) THE TAX CREDIT DEFERRAL MAY NOT BE RETROACTIVE
TO A DATE BEFORE THE ENACTMENT OF THE COUNTY ORDINANCE
ESTABLISHING THE TAX CREDIT DEFERRAL.

(2) THE CREDIT DEFERRAL MAY BECOME EFFECTIVE
UPON THE EFFECTIVE DATE OF THE ORDINANCE OR THE EFFECTIVE