Ch. 624                                        1997 LAWS OF MARYLAND

(II) THE EXPIRATION OF THE 5TH TAXABLE YEAR AFTER THE
TAXABLE YEAR IN WHICH THE STATE TAX CREDIT IS CLAIMED

(4) THE MARYLAND INSURANCE COMMISSIONER SHALL ADOPT
REGULATIONS TO PROVIDE FOR THE COMPUTATION CARRYOVER AND RECAPTURE OF
THE STATE TAX CREDIT UNDER § 6-115 OF THE INSURANCE ARTICLE.

(5) THE DEPARTMENT SHALL ADOPT REGULATIONS TO PROVIDE FOR THE
COMPUTATION, CARRYOVER, AND RECAPTURE OF THE STATE TAX CREDIT UNDER §§
8-216 AND 8-413 OF THE TAX- GENERAL ARTICLE.

(6) THE COMPTROLLER SHALL ADOPT REGULATIONS TO PROVIDE FOR THE
COMPUTATION, CARRYOVER, AND RECAPTURE OF THE STATE TAX CREDIT UNDER §
10-704.7 OF THE TAX- GENERAL ARTICLE.

(2) (G) THE LESSOR OF REAL PROPERTY ELIGIBLE FOR A TAX CREDIT
TAX CREDITS UNDER PARAGRAPH (1) OF THIS SUBSECTION SUBSECTION (B) OF THIS
SECTION SHALL REDUCE BY THE AMOUNT OF THE TAX CREDIT CREDITS COMPUTED
UNDER SUBSECTIONS IE) AND IF) OF THIS SECTION THE AMOUNT OF TAXES FOR
WHICH THE ELIGIBLE BUSINESS ENTITY IS CONTRACTUALLY LIABLE UNDER THE
LEASE AGREEMENT.

(F) (H) THE GOVERNING BODY OF THE COUNTY OR MUNICIPAL
CORPORATION MAY SHALL PROVIDE, BY LAW, FOR:

(1)      THE SPECIFIC REQUIREMENTS FOR ELIGIBILITY FOR A TAX CREDIT
AUTHORIZED UNDER THIS SECTION;

(2)     ANY ADDITIONAL LIMITATIONS ON ELIGIBILITY FOR THE CREDIT;

(3) REPAYMENT OF THE PROPERTY TAX CREDIT IF THE BUSINESS
ENTITY MOVES ITS BUSINESS OUTSIDE THE JURISDICTION OR OTHERWISE BECOMES
INELIGIBLE FOR THE TAX CREDIT; AND

(3) A PROVISION REQUIRING RECAPTURE OF THE PROPERTY AND STATE
TAX CREDITS EARNED, IF, DURING THE 3 TAXABLE YEARS SUCCEEDING ANY YEAR IN
WHICH A CREDIT WAS EARNED THE BUSINESS ENTITY FAILS TO SATISFY THE
APPLICABLE THRESHOLDS TO QUALIFY FOR A PROPERTY TAX CREDIT REQUIRED UNDER
SUBSECTION (C) OF THIS SECTION;

(4) THE INFORMATION TO BE SUPPLIED BY THE BUSINESS ENTITY TO A
COUNTY OR MUNICIPAL CORPORATION AND THE COMPTROLLER TO VERIFY THAT THE
BUSINESS ENTITY IS NOT SUBJECT TO ITEM (3) OF THIS SUBSECTION; AND

(4) (5) ANY OTHER PROVISION APPROPRIATE TO IMPLEMENT THE
CREDIT.

(G) AS PROVIDED IN THE STATE BUDGET, THE STATE SHALL REMIT TO EACH
COUNTY OR MUNICIPAL CORPORATION AN AMOUNT EQUAL TO ONE HALF OF THE
FUNDS THAT WOULD HAVE BEEN COLLECTED IF THE PROPERTY TAX CREDIT
UNDER THIS SECTION HAD NOT BEEN GRANTED.

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