PARRIS N. GLENDENING, Governor

Ch. 543

providing that a project may not qualify for the first taxable year of the authorized
credit after a certain date; requiring that an ordinance authorizing tax credits
provide for a certain analysis and certain reports; defining certain terms; and
generally relating to the authority of the Mayor and City Council of Baltimore City
to grant a property tax credit for newly constructed market-rate rental housing.

BY adding to

Article - Tax - Property

Section 9-304(f)

Annotated Code of Maryland

(1994 Replacement Volume and 1994 Supplement)

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

Article - Tax - Property

9-304.

(F) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(II)    "MARKET-RATE RENTAL HOUSING PROJECT" MEANS A
MULTIFAMILY DWELLING CONTAINING FIVE OR MORE UNITS IN WHICH NONE OF
THE UNITS ARE SUBJECT TO GOVERNMENT RESTRICTIONS ON THE AMOUNT OF
RENT CHARGED OR THE INCOME LEVEL OF THE TENANT.

(III)   "NEWLY CONSTRUCTED" MEANS THAT AN OCCUPANCY
PERMIT IS ISSUED ON OR AFTER OCTOBER 1, 1995.

(2)     THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY MAY GRANT,
BY LAW, A PROPERTY TAX CREDIT UNDER THIS SUBSECTION AGAINST THE COUNTY
PROPERTY TAX IMPOSED ON NEWLY CONSTRUCTED MARKET-RATE RENTAL
HOUSING PROJECTS.

(3)     A PROPERTY TAX CREDIT GRANTED UNDER THIS SUBSECTION MAY
NOT EXCEED THE AMOUNT OF COUNTY PROPERTY TAX IMPOSED ON THE REAL
PROPERTY, LESS THE AMOUNT OF ANY OTHER CREDIT APPLICABLE IN THAT YEAR,
MULTIPLIED BY:

(I)      50% FOR THE FIRST TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;

(II)    40% FOR THE SECOND TAXABLE YEAR IN WHICH THE
PROPERTY QUALIFIES FOR THE TAX CREDIT;

(III)   30% FOR THE THIRD TAXABLE YEAR IN WHICH THE PROPERTY
QUALIFIES FOR THE TAX CREDIT;

(IV)   20% FOR THE FOURTH TAXABLE YEAR IN WHICH THE
PROPERTY QUALIFIES FOR THE TAX CREDIT;

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