3280

LAWS OF MARYLAND

Ch. 686

CHAPTER 686

(House Bill 1216)

AN ACT concerning

Property Tax Credit for Commercial Property

FOR the purpose of authorizing counties or municipalities to
grant a tax credit for unsold or unrented, newly constructed
or substantially rehabilitated commercial property;
excluding Baltimore City from certain provisions for certain
property tax credits; and generally relating to authorizing
a tax credit for unsold or unrented, newly constructed or
substantially rehabilitated commercial property.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 12G-1

Annotated Code of Maryland

(1980 Replacement Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

12G-1.

(a)  This section, to the exclusion of any other public
general or public local law, controls and regulates exclusively
the granting of any special tax credit for:

(1)   [unsold] UNSOLD or unrented, newly constructed or
substantially rehabilitated single dwelling units;

(2)  UNSOLD OR UNRENTED, NEWLY CONSTRUCTED OR
SUBSTANTIALLY REHABILITATED COMMERCIAL PROPERTY; OR

(3)  BOTH.

(b)  The owner of an unsold or unrented, newly constructed
or substantially rehabilitated single dwelling unit OR OF AN
UNSOLD OR UNRENTED, NEWLY CONSTRUCTED OR SUBSTANTIALLY
REHABILITATED COMMERCIAL PROPERTY may be entitled, upon
application to, and at the discretion of, the governing body of
the county, OR municipality; or Baltimore City where the dwelling
is located, to receive a tax credit of not more than the property
taxes imposed upon the assessed value of the dwelling, excluding
land, OR THE COMMERCIAL PROPERTY, EXCLUDING LAND for the period
during which the dwelling OR COMMERCIAL PROPERTY remains unsold
or unrented immediately following construction or substantial