HARRY HUGHES, Governor                                        313

(1)  BEGINNING WITH THE 1ST TAXABLE YEAR FOLLOWING THE
CALENDAR YEAR IN WHICH THE REAL PROPERTY INITIALLY BECOMES A
QUALIFIED PROPERTY, THE APPROPRIATE GOVERNING BODY SHALL
CALCULATE THE AMOUNT OF THE TAX CREDIT UNDER THIS SECTION EQUAL
TO 80% OF THE AMOUNT OF THE PROPERTY TAX IMPOSED ON THE ELIGIBLE
ASSESSMENT OF THE QUALIFIED PROPERTY.

(2)  THE DEPARTMENT SHALL ALLOCATE THE ELIGIBLE
ASSESSMENT TO THE NONRESIDENTIAL PART OF THE QUALIFIED PROPERTY
AT THE SAME PERCENTAGE AS THE SQUARE FOOTAGE OF THE
NONRESIDENTIAL PART IS TO THE TOTAL SQUARE FOOTAGE OF THE
BUILDING.

(E)  DURATION.

(1)  A TAX CREDIT UNDER THIS SECTION IS AVAILABLE TO A
QUALIFIED PROPERTY FOR NO MORE THAN 5 CONSECUTIVE YEARS BEGINNING
WITH THE TAXABLE YEAR FOLLOWING THE CALENDAR YEAR IN WHICH THE
REAL PROPERTY INITIALLY BECOMES A QUALIFIED PROPERTY.

(2)  EVEN IF THE DESIGNATION OF AN ENTERPRISE ZONE
EXPIRES, THE TAX CREDIT UNDER THIS SECTION CONTINUES TO BE
AVAILABLE TO A QUALIFIED PROPERTY.

(3)  STATE PROPERTY TAX IMPOSED ON REAL PROPERTY IS
NOT AFFECTED BY THIS SECTION.

(F)  CERTIFICATION.

WHEN AN ENTERPRISE ZONE IS DESIGNATED BY THE SECRETARY OF
THE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT, THE
APPROPRIATE GOVERNING BODY SHALL CERTIFY TO THE DEPARTMENT OF
ASSESSMENTS AND TAXATION:

(1)  THE REAL PROPERTIES IN THE ENTERPRISE ZONE THAT
ARE QUALIFIED PROPERTIES FOR EACH TAXABLE YEAR FOR WHICH THE
PROPERTY TAX CREDIT UNDER THIS SECTION IS TO BE GRANTED; AND

(2)  THE DATE THAT THE REAL PROPERTIES BECAME
QUALIFIED PROPERTIES.

(G)  LIST OF PROPERTIES AND ASSESSMENTS.

BEFORE PROPERTY TAX BILLS ARE SENT, THE DEPARTMENT OF
ASSESSMENTS AND TAXATION SHALL SUBMIT TO THE APPROPRIATE
GOVERNING BODY A LIST OF:

(1)  EACH QUALIFIED PROPERTY;

(2)  THE AMOUNT OF THE BASE YEAR ASSESSMENT FOR EACH
QUALIFIED PROPERTY; AND

(3)  THE AMOUNT OF THE ELIGIBLE ASSESSMENT FOR EACH
QUALIFIED PROPERTY.