HARRY HUGHES, Governor                                       389

(2) A PROPERTY TAX CREDIT GRANTED UNDER PARAGRAPH
(1)(I) OF THIS SUBSECTION SHALL BE:

(I)  A PERCENTAGE OF THE ACTUAL COST OF THE
IMPROVEMENTS AS THE GOVERNING BODY OF MONTGOMERY COUNTY
DETERMINES FOR THE 1ST 4 TAXABLE YEARS THAT THE IMPROVED PROPERTY
IS SUBJECT TO COUNTY PROPERTY TAX; AND

(II)  NOT ALLOWED AFTER THE 1ST 4 TAXABLE YEARS
THAT THE IMPROVED PROPERTY IS SUBJECT TO PROPERTY TAX.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
9C(k-l)(l) through (6) and the first sentence of
(a)(1) as that sentence related to Montgomery County
tax credits.

In the introductory language of subsections (a) and
(b) of this section, the defined term "municipal
corporation" is substituted for the former reference
to "city", for clarity.

In the introductory language of subsection (a)(2) of

this section, the former word "improvements" is
deleted as included in the defined term "real

property". Similarly, in subsection (a)(2)(i)3 of

this section, the defined term "real property" is

substituted for the former phrase "the land or
improvements on it", for clarity.

In subsection (a)(2)(i)3. of this section, the former
phrase "out-of-pocket expenses" is deleted as
superfluous.

In subsections (a)(2)(ii) and (c)(l)(ii)3. of this
section, the word "only" is substituted for the former
word "exclusively", for clarity and consistency.
Similarly, in subsection (b)(2)(i) of this section,
the word "only" is substituted for the former word
"sole", for clarity and consistency.

In subsection (b)(l)(i) of this section, the former
reference to the "Housing Act of 1937, as amended," is
deleted as unnecessary in light of Article 1, § 21 of
the Code.

In subsection (b)(l)(ii) of this section, the former
phrase "is controlled under that program" is deleted
as superfluous.

In the introductory language of subsection (b)(2) of
this section, as to the substitution of "personal
property" for "tangible personal property", see
revisor's note to this title.