(c) If the credit allowed under this section' in any taxable year exceeds the
State income tax for that taxable year, calculated before application of the credits
under this section and §§ 10-701 and 10-701.1 of this subtitle, but after application of
the other credits allowable under this subtitle, the excess of the credit shall be
refunded.

Article - Tax - Property

9-326.

(a) The Mayor and City Council of Baltimore City and the governing body of
Baltimore County shall grant a property tax credit against the County property tax
imposed on owner-occupied, residential real property that is purchased from July 1,
1996 through June 30, [1999] 2001, in a geographic area of Baltimore City or
Baltimore County that contains between 800 and 1200 single family dwellings and
that is designated by the Mayor of Baltimore City or the County Executive of
Baltimore County; respectively, for participation in a demonstration project for
neighborhood preservation and stabilization.

(a) The Mayor and City Council of Baltimore City and the governing body of
Baltimore County shall grant a property tax credit against the county property tax
imposed on owner-occupied, residential real property that is purchased from July 1,
1996 through June 30, [1999] 2001, in a geographic area of Baltimore City or
Baltimore County that:

(1) IN BALTIMORE CITY, contains between 800 and [1200] 1500
single-family dwellings; 

(2) IN BALTIMORE COUNTY, CONTAINS BETWEEN 800 AND 1400
SINGLE-FAMILY DWELLINGS; and

(3) [that] is designated by the Mayor of Baltimore City or the County
Executive of Baltimore County, respectively, for participation in a demonstration
project for neighborhood preservation and stabilization.

(b) In order to qualify for the credit under this section:

(1) for the 12-month period immediately prior to purchasing the
property, the individual's principal residence may not have been located in either of
the two geographic areas designated under this section, unless the individual was not
an owner of the property that was the individual's principal residence; and

(2) the residential real property must have been purchased in
conformance with the guidelines regarding government housing assistance programs
established by the Mayor and City Council of Baltimore City and the governing body
of Baltimore County.

(c) The property tax credit shall equal: 

(1) 40% of the County property tax for each of the first 5 taxable years
after the purchase of the real property;