HARRY HUGHES, Governor                                       387

9-316.

In the introductory language of this section, the
former words "real and tangible personal" are deleted
as included in the defined term "property". As to
intangible personal property, see the General
Revisor's Note to this title.

In item (1) of this section, the former phrase "not
limited as in clause (1)" is deleted as superfluous.

Former Art. 81, § 9C(k)(l), which provides for a

credit for certain front foot charges against

utilities, now appears in the    Public Local Laws of
Howard County.

Defined terms: "County property tax" § 1-101
"Governing body" § 1-101 "Law" § 1-101
"Property" § 1-101 "Property tax" § 1-101

RESERVED.

9-317. MONTGOMERY COUNTY.

(A) COUNTY AND MUNICIPAL CORPORATION TAX -- MANDATORY.

THE GOVERNING BODY OF MONTGOMERY COUNTY AND OF A MUNICIPAL
CORPORATION IN MONTGOMERY COUNTY SHALL GRANT A PROPERTY TAX
CREDIT UNDER THIS SECTION AGAINST THE COUNTY AND MUNICIPAL
CORPORATION PROPERTY TAX IMPOSED ON:

(1)  PERSONAL PROPERTY THAT IS OWNED BY A NONPROFIT,
NONSTOCK COOPERATIVE HOUSING CORPORATION; AND

(2)  REAL PROPERTY THAT IS:

(I)  LEASED, IF THE PAYMENT TO THE LESSOR UNDER
THE LEASE IS LIMITED TO:

1.  INTEREST;

2.  AMORTIZATION OF THE MORTGAGE; AND

3.  EXPENSES THAT DO NOT INCLUDE PROFIT OR
RETURN TO THE LESSOR OF INVESTMENT IN THE REAL PROPERTY;

(II)  USED ONLY AS A THEATER THAT CONTAINS AT
LEAST 175 SEATS; AND

(III) USED BY A NONPROFIT COMMUNITY THEATRICAL
ORGANIZATION THAT, EXCEPT FOR ANY CLERICAL OR MAINTENANCE
EMPLOYEE, DOES NOT HAVE ANY PAID OFFICER, DIRECTOR, OR EMPLOYEE.
THE ORGANIZATION MAY BE REQUIRED BY THE GOVERNING BODY TO FAY AN
ANNUAL CHARGE FOR ANY ACTUAL PUBLIC SERVICE RENDERED.

(B)

COUNTY OR MUNICIPAL CORPORATION TAX -

- OPTIONAL.