WILLIAM DONALD SCHAEFER, Governor

Ch. 744

CHAPTER 744

(House Bill 1369)

AN ACT concerning

Property Tax - Limited Partnerships -
Low Income Housing Projects

FOR the purpose of providing for an optional negotiated payment
in lieu of property tax for certain limited partnerships
engaged in the operation, construction, or management of
certain qualified low income housing projects.

BY repealing and reenacting, with amendments,

Article - Tax - Property
Section 7-503(a)
Annotated Code of Maryland
(1986 Volume and 1987 Supplement)

BY repealing and reenacting, without amendments,

Article - Tax - Property
Section 7-503(b)
Annotated Code of Maryland
(1986 Volume and 1987 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

7-503.

(a) (1) In this subsection, "essential service facilities"
includes dining halls, community rooms, and infirmaries.

(2) Real property that meets the requirements of
subsection (b) of this section is not subject to property tax
if[:

(i)] the owner of the real property is:

(I) 1. A. a person who meets the ownership
requirements of § 7-202 of this title;

[2.] B. a nonprofit corporation that is
exempt from income tax under Article 81, § 288(d) of the Code; or

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