2506                                         LAWS OF MARYLAND                                     Ch. 480

issued. No tax anticipation notes or other evidences of
indebtedness shall be issued which will cause the total tax
anticipation indebtedness of the town to exceed fifty per centum
(50%) of the property tax [levy] IMPOSED for the fiscal year in
which the notes or other evidences of indebtedness are issued.
All tax anticipation notes or other- evidences of indebtedness
shall be authorized by ordinance before being issued. The
council shall have the power to regulate all matters concerning
the issuance and sale of tax anticipation notes.

Article 41 - Governor - Executive and Administrative

Departments

266JJ-2.

(d) (1) "Assessment ratio" means any real property tax
assessment ratio, however designated or calculated, which is used
or applied under applicable general law in determining the
assessable base.

(2) "Assessment ratio" includes the "growth factor"
as defined in [Article 81, § 14(b) of this Code] § 8-103(A)(2) OF
THE TAX - PROPERTY ARTICLE.

266KK-1.

For purposes of §§ 266KK-1 through 266KK-5 the following
words have the meanings indicated:

(b) (1) "Business entity" means a person operating or
conducting a trade or business;

(2) Except as provided in [Article 81, § 12G-11] §
9-103 OF THE TAX - PROPERTY ARTICLE, "business entity" does not
include a person owning, operating, developing, constructing, or
rehabilitating property intended for use primarily as single or
multifamily residential property located within the enterprise
zone;

266KK-4.

(a) The following incentives and initiatives shall be
available to business entities to the extent provided for in this
section:

(1)  The special property tax credit set forth in
[Article 81, § 12G-11 of the Code] § 9-103 OF THE TAX - PROPERTY
ARTICLE.

(2)  The income tax credits set forth in Article 81, §
291A of the Code.

(3)  The consideration for loans under the Maryland
Industrial Land Act set forth in § 441D of this article.