|
|
|
|
|
|
|
|
|
|
|
|
|
|
H.B. 1006 VETOES
Article - Tax - Property
9-240.
(a) In this section, "arts and entertainment district", "arts and entertainment
enterprise", and "qualifying residing artist" have the meanings stated in Article 83A, §
4-701 of the Code.
(b) The governing body of a county or municipal corporation may grant, by
law, a property tax credit against the county or municipal corporation property tax
imposed on a manufacturing, commercial, or industrial building that:
(1) is located in an arts and entertainment district; and
(2) is wholly or partially CONSTRUCTED OR renovated TO BE CAPABLE
for use by a qualifying residing artist or an arts and entertainment enterprise.
(c) A tax credit granted under this section may not be granted for more than 10
years.
Article—Tax—Property
9-240.
(a) In this section, "arts and entertainment district", "arts and entertainment
enterprise", and "qualifying residing artist" have the meanings stated in Article 83A,
§ 4-701 of the Code.
(b) The governing body of a county or municipal corporation may grant, by
law, a property tax credit against the county or municipal corporation property tax
imposed on a manufacturing, commercial, or industrial building that:
(1) is located in an arts and entertainment district; and
(2) is wholly or partially CONSTRUCTED OR renovated TO BE CAPABLE
for use by a qualifying residing artist or an arts and entertainment enterprise.
(e) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.
(II) "BASE YEAR" MEANS THE TAXABLE YEAR IMMEDIATELY
BEFORE THE TAXABLE YEAR IN WHICH A PROPERTY TAX CREDIT GRANTED UNDER
THIS SECTION IS TO BE GRANTED.
(III) 1. "BASE YEAR VALUE" MEANS THE VALUE OF THE
PROPERTY USED TO DETERMINE THE ASSESSMENT ON WHICH THE PROPERTY TAX
ON REAL PROPERTY WAS IMPOSED FOR THE BASE YEAR.
2. "BASE YEAR VALUE" DOES NOT INCLUDE ANY NEW REAL
PROPERTY THAT WAS FIRST ASSESSED IN THE BASE YEAR
(2) THE ASSESSMENT ELIGIBLE FOR A TAX CREDIT UNDER THIS
SECTION IS EQUAL TO THE DIFFERENCE BETWEEN THE BASE YEAR VALUE AND THE
|
|
|
|
|
|
|
|
|
|
- 4332 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
