3798

VETOES

PERCENT IN THE 8TH TAXABLE YEAR, 40 PERCENT IN THE 9TH TAXABLE
YEAR, AND 30 PERCENT IN THE 10TH TAXABLE YEAR following the
calendar year in which the property first becomes a qualified

property.

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

Article - Tax - Property

9-103.

(d)  (1) [Beginning with the 1st taxable year following the
calendar year in which the real property initially becomes a
qualified property, the] THE appropriate governing body shall
calculate the amount of the tax credit under this section equal
to A PERCENTAGE OF THE AMOUNT OF PROPERTY TAX IMPOSED ON THE
ELIGIBLE ASSESSMENT OF THE QUALIFIED PROPERTY, AS FOLLOWS:

(I)  80% IN EACH OF THE 1ST 5 TAXABLE YEARS
FOLLOWING THE TAXABLE CALENDAR YEAR IN WHICH THE PROPERTY
INITIALLY BECOMES A QUALIFIED PROPERTY;

(II)  70% IN THE 6TH TAXABLE YEAR;

(III)  60% IN THE 7TH TAXABLE YEAR;

(IV)  50% IN THE 8TH TAXABLE YEAR;

(V)  40% IN THE 9TH TAXABLE YEAR; AND

(VI)  30% IN THE 10TH TAXABLE YEAR

[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)  (1) A tax credit under this section is available to a
qualified property for not more than [5] 10 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.