HARRY HUGHES, Governor

2631

(C)  THE SPECIAL TAX CREDIT GRANTED BY THIS SECTION
SHALL BE AVAILABLE TO QUALIFIED PROPERTIES WITHIN AN
ENTERPRISE ZONE FOR NO MORE THAN 5 SUCCESSIVE TAXABLE YEARS
FOLLOWING THE CALENDAR YEAR IN WHICH THE ENTERPRISE ZONE IS
FIRST DESIGNATED. QUALIFIED PROPERTY IS FIRST ELIGIBLE FOR
THE SPECIAL TAX CREDIT. THE SPECIAL TAX CREDIT SHALL
CONTINUE TO BE AVAILABLE TO QUALIFIED PROPERTY AFTER THE
EXPIRATION OF THE DESIGNATION OF AN ENTERPRISE ZONE, BUT IN
NO EVENT MAY THE SPECIAL TAX CREDIT EXCEED 5 YEARS.

(D)  THE AMOUNT OF THE SPECIAL TAX CREDIT SHALL BE A
PERCENTAGE OF THE REAL PROPERTY TAXES IMPOSED UPON THE
ELIGIBLE ASSESSMENT OF THE QUALIFIED PROPERTY. THE
PERCENTAGE USED TO DETERMINE THE AMOUNT OF THE CREDIT SHALL
BE 80 PERCENT BEGINNING WITH THE FIRST TAXABLE YEAR
FOLLOWING THE DESIGNATION OF THE ENTERPRISE ZONE. CALENDAR
YEAR IN WHICH THE QUALIFIED PROPERTY IS FIRST ELIGIBLE FOR
THE SPECIAL TAX CREDIT.

(E)  UPON THE DESIGNATION OF AN ENTERPRISE ZONE BY THE
SECRETARY, THE GOVERNING BODY OF THE COUNTY, BALTIMORE CITY,
OR MUNICIPAL CORPORATION SHALL CERTIFY TO THE DEPARTMENT OF
ASSESSMENTS AND TAXATION THE SPECIFIC PROPERTIES WITHIN THE
ENTERPRISE ZONE THAT ARE QUALIFIED PROPERTIES AND THE DATE
THE ENTERPRISE ZONE IS DESIGNATED FOR EACH TAXABLE YEAR IN
WHICH THE SPECIAL CREDIT IS TO BE GRANTED AND PRIOR TO THE
ISSUANCE OF REAL PROPERTY TAX BILLS, THE DEPARTMENT SHALL
PROVIDE TO THE APPROPRIATE GOVERNING BODY A LISTING OF THE
QUALIFIED PROPERTIES, THE AMOUNT OF THE BASE YEAR
ASSESSMENT, AND THE AMOUNT OF THE ELIGIBLE ASSESSMENT. THE
GOVERNING BODY SHALL CALCULATE THE AMOUNT OF THE SPECIAL
ASSESSMENT IN ACCORDANCE WITH THE PROVISIONS OF THIS
SECTION.

(F)  TO THE EXTENT FUNDS MAY BE APPROPRIATED IN THE
STATE BUDGET, THE STATE SHALL REMIT TO EACH COUNTY,
BALTIMORE CITY, AND MUNICIPAL CORPORATION AN AMOUNT EQUAL TO
ONE-HALF OF THE FUNDS THAT OTHERWISE WOULD HAVE BEEN
COLLECTED IF THE SPECIAL TAX CREDIT GRANTED BY THE SECTION
HAD NOT BEEN IN EFFECT.

(G)  QUARTERLY OR MORE FREQUENTLY, IF APPROPRIATE, THE
COUNTY, BALTIMORE CITY, OR MUNICIPAL CORPORATION OFFICIAL
SHALL SUBMIT A REPORT TO THE DEPARTMENT OF ASSESSMENTS AND
TAXATION REQUESTING REIMBURSEMENT OF THE AMOUNT PROVIDED FOR
IN SUBSECTION (F) OF THIS SECTION. THE DEPARTMENT SHALL
CERTIFY TO THE COMPTROLLER WITHIN 5 WORKING DAYS AFTER
RECEIPT OF THE REPORT THE AMOUNT OF REIMBURSEMENT DUE EACH
JURISDICTION. WITHIN 5 WORKING DAYS THEREAFTER THE
COMPTROLLER SHALL MAKE THE PAYMENT TO EACH JURISDICTION OR
THE COMPTROLLER MAY AUTHORIZE THAT JURISDICTION TO WITHHOLD
FROM TAXES LEVIED AND COLLECTED IN ACCORDANCE WITH §§ 33 AND

61 OF THIS ARTICLE AN AMOUNT SUFFICIENT FOR THE

REIMBURSEMENT.