2630                                  LAWS OF MARYLAND                                Ch. 298

or grant may not exceed $2,000,000. The aggregate
cumulative total of grants and outstanding principal balance
of loans, made to or within any one county or Baltimore
City, may not exceed 40% of the aggregate cumulative total
of appropriations and payments to the [fund.] FUND, EXCEPT
THAT THE AGGREGATE CUMULATIVE TOTAL OF GRANTS AND
OUTSTANDING PRINCIPAL BALANCE OF LOANS MAY EXCEED THE 40
PERCENT LIMITATION BY AN ADDITIONAL SUM NOT TO EXCEED 25
PERCENT OF SUCH AMOUNT, IF THE ADDITIONAL SUM IS RESTRICTED
TO LOANS MADE TO A POLITICAL SUBDIVISION EXCLUSIVELY FOR USE
WITHIN AN AREA DESIGNATED AN ENTERPRISE ZONE PURSUANT TO §
266KK-2 OF THIS ARTICLE. NOT MORE THAN 50 PERCENT OF THE
CUMULATIVE TOTAL OF APPROPRIATIONS AND PAYMENTS TO THE FUND
MAY BE MADE AVAILABLE AS GRANTS OR LOANS TO ALL OF THE
DESIGNATED ENTERPRISE ZONES IN THE STATE.

Article 81 - Revenue and Taxes

12G-11. PROPERTY TAX CREDITS FOR QUALIFIED PROPERTY IN AN
ENTERPRISE ZONE.

(A)  IN THIS SECTION THE FOLLOWING TERMS HAVE THE
MEANINGS INDICATED.

(1)  "QUALIFIED PROPERTY" MEANS REAL PROPERTY
USED IN CONNECTION WITH A TRADE OR BUSINESS AND LOCATED IN
AN ENTERPRISE ZONE DESIGNATED UNDER THE PROVISIONS OF §
266KK-2 OF ARTICLE 41, PROVIDED THAT SUCH PROPERTY IS
EXISTING IN SUCH ENTERPRISE ZONE ON THE DATE ON WHICH SUCH
ENTERPRISE ZONE IS DESIGNATED OR, IS ACQUIRED, CONSTRUCTED,
OR IMPROVED THEREAFTER.

(2)  "BASE YEAR ASSESSMENT" MEANS THE TAXABLE
ASSESSMENT UPON WHICH REAL PROPERTY TAXES WERE LEVIED IN THE
TAXABLE YEAR IMMEDIATELY PRECEDING THE TAXABLE YEAR IN WHICH
THE ENTERPRISE ZONE WAS DESIGNATED.

(3)  "ELIGIBLE ASSESSMENT" MEANS THE DIFFERENCE
BETWEEN THE BASE YEAR ASSESSMENT AND THE ACTUAL ASSESSMENT
AS DETERMINED BY THE DEPARTMENT OF ASSESSMENTS AND TAXATION
FOR THE APPLICABLE TAXABLE YEAR IN WHICH THE SPECIAL TAX
CREDIT PROVIDED FOR IN THIS SECTION IS TO BE GRANTED.

(B)  THE OWNER OR OF QUALIFIED PROPERTY SHALL RECEIVE A
CREDIT AGAINST THE REAL PROPERTY TAXES IMPOSED UPON THE
ELIGIBLE ASSESSMENT OF SUCH QUALIFIED PROPERTY BY BALTIMORE
CITY, OR, BY ANY COUNTY, AND IF APPROVED BY THE GOVERNING
BODY THEREOF, BY ANY MUNICIPAL CORPORATION COUNTY; PROVIDED,
IF SUCH QUALIFIED PROPERTY IS LOCATED WITHIN A MUNICIPAL
CORPORATION IT WILL NOT BE ELIGIBLE TO RECEIVE A CREDIT FROM
THE COUNTY REAL PROPERTY TAXES UNLESS THE COUNTY WITHIN
WHICH THE MUNICIPAL CORPORATION IS LOCATED AGREED TO THE
DESIGNATION OF AN ENTERPRISE ZONE WITHIN SUCH MUNICIPAL
CORPORATION. REAL PROPERTY TAXES IMPOSED BY THE STATE SHALL
NOT BE AFFECTED BY THIS SECTION.