1200                                           LAWS OF MARYLAND                                     Ch. 75

the extent of 40 percent of the increase in assessed valuation of
the property attributable to that reconstruction.

(v) Thereafter, no credit for the purpose of
this paragraph shall be allowed; [and] (11) from municipal
corporation tax, the city of Cumberland may grant, by law, a tax
credit against property tax on property that is in need of
rehabilitation and is improved pursuant to regulations
established by the City of Cumberland:

(i) For the first 3 taxable years after the
improvements are completed; and

(ii) For an amount that does not exceed the
amount of the increase in taxes that results from the initial
valuation of the rehabilitation improvements to the property and
the resulting phase-in of that valuation; AND (12) FROM COUNTY
AND CITY TAXATION, THE GOVERNING BODY OF THE COUNTY OR CITY MAY,
BY ORDINANCE OR RESOLUTION, GRANT A CREDIT FOR REAL AND TANGIBLE
PERSONAL PROPERTY OWNED BY THE UPPER POTOMAC JAYCEES, INC.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Tax - Property

9-302.

(b) The governing body of Allegany County or of a municipal
corporation in Allegany County may grant, by law, a property tax
credit under this section against the county or municipal
corporation property tax imposed on:

(1)  property that is:

[(1)] (I) owned by the National Board of Young
Men's Christian Associations; and

[(2)] (II) known as the Railroad YMCA of
Cumberland; AND

(2)  PROPERTY THAT IS OWNED BY THE UPPER POTOMAC
JAYCEES, INCORPORATED.

SECTION 3. AND BE IT FURTHER ENACTED, That Section 1 of this
Act shall take effect July 1, 1985 and shall remain effective
until February 1, 1986. On February 1, 1986, and with no further
action required by the General Assembly, Section 1 of this Act
shall be abrogated and of no further force and effect. Section 2
of this Act shall take effect February 1, 1986.

Approved April 9, 1985.