Ch. 657

1994 LAWS OF MARYLAND

YEARS, AT THE TAXATION LEVELS NOT GREATER THAN THOSE IN PLACE BEFORE
THE ELIGIBLE IMPROVEMENTS IF APPROVED AS PART OF A LOCAL GOVERNMENT
PLAN FOR HISTORIC PRESERVATION; AND

(2) THE METHODS AND PROCEDURES TO IMPLEMENT A PROGRAM FOR
THE PURPOSES OF THIS SECTION BE DETERMINED BY THE APPLICABLE LOCAL
GOVERNMENT; AND

       (3) STATE FINANCIAL ASSISTANCE TO A LOCAL GOVERNMENT NOT BE
CONDITIONED UPON THE LOCAL GOVERNMENT IMPLEMENTING A PROGRAM
UNDER THIS SECTION.

(D) (E) (D) THE MAYOR AND CITY COUNCIL OF BALTIMORE, THE MAYOR
AND CITY COUNCIL OF BALTIMORE, THE GOVERNING BODY OF EACH COUNTY, AND
THE GOVERNING BODY OF EACH MUNICIPAL CORPORATION MAY:

(1)      IMPLEMENT, BY LAW, A PROGRAM THAT PROVIDES FOR A
PROPERTY TAX CREDIT EQUAL TO NOT TO EXCEED THE DIFFERENCE BETWEEN:

(I)       THE PROPERTY TAX THAT, BUT FOR THE TAX CREDIT, WOULD
BE PAYABLE AFTER THE COMPLETION OF ELIGIBLE IMPROVEMENTS; AND

(II)     THE PROPERTY TAX THAT WOULD BE PAYABLE IF THE
ELIGIBLE IMPROVEMENTS WERE NOT MADE; OR AND

(2)      ADOPT ANY REQUIREMENTS AND PROCEDURES THAT ARE
NECESSARY OR APPROPRIATE TO CARRY OUT THE PURPOSES OF THIS SECTION.

(E) (F) (E) A PROPERTY TAX CREDIT PROVIDED FOR UNDER THIS
SECTION SHALL:

(1)   ' BE SUBJECT TO ELIGIBILITY REQUIREMENTS NO LESS STRINGENT
THAN THOSE APPLICABLE. TO CREDITS AUTHORIZED UNDER § 9-204 OF THIS
SUBTITLE;                                                                   

(2)      BE FOR A PERIOD THAT DOES NOT EXCEED 10 YEARS FOR EACH
PROPERTY;                             

(3)      APPLY TO ELIGIBLE IMPROVEMENTS WHICH ARE:

(I)       LOCATED WITHIN THE BOUNDARIES OF:

1. A PROPERTY LISTED INDIVIDUALLY ON THE NATIONAL
REGISTER OF HISTORIC PLACES, OR A NATIONAL REGISTER. HISTORIC OR
LANDMARK DISTRICT; OR

2. A PROPERTY OR DISTRICT DESIGNATED AS A HISTORIC
PROPERTY OR DISTRICT UNDER LOCAL LAW; AND

(II)     DETERMINED BY THE LOCAL HISTORIC DISTRICT COMMISSION
TO BE COMPATIBLE WITH LOCAL HISTORIC PRESERVATION STANDARDS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994.

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