(1) THE EMPLOYMENT LEVEL OR SQUARE FOOTAGE OF A BUSINESS
ENTITY AT THE PREMISES FALLS BELOW THE APPLICABLE THRESHOLDS REQUIRED
TO QUALIFY FOR THE PROPERTY TAX CREDIT UNDER SUBSECTION (C) OF THIS
SECTION; OR

(2) FOR THE ENHANCED: PROPERTY TAX CREDIT, THE EMPLOYMENT
LEVEL OR SQUARE FOOTAGE OF A BUSINESS ENTITY, TOGETHER WITH ITS
AFFILIATES, AT THE PREMISES FALLS BELOW THE APPLICABLE THRESHOLDS
REQUIRED TO QUALIFY FOR THE ENHANCED PROPERTY TAX CREDIT UNDER
SUBSECTION (D) OF THIS SECTION.

(M) ON OCTOBER 1 OF EACH YEAR, EACH COUNTY AND MUNICIPAL
CORPORATION THAT HAS GRANTED TAX CREDITS UNDER THIS SECTION SHALL
REPORT TO THE DEPARTMENT, THE DEPARTMENT OF BUSINESS AND ECONOMIC
DEVELOPMENT, AND THE COMPTROLLER:

(1) THE AMOUNT OF EACH CREDIT GRANTED FOR THAT YEAR; AND

(2) WHETHER THE BUSINESS ENTITY IS IN COMPLIANCE WITH THE
REQUIREMENTS FOR THE TAX CREDIT.

(N) (1) AFTER A BUSINESS ENTITY HAS COMPLIED WITH ALL THE
REQUIREMENTS PROVIDED IN THIS SECTION AND IN ANY APPLICABLE LOCAL LAW
FOR A PARTICULAR TAX CREDIT, THE BUSINESS ENTITY SHALL BE ENTITLED TO
CLAIM THE CREDITS FOR THE TERM PROVIDED IN THIS SECTION.

(2) NO ABROGATION OF THIS LAW OR LAW HEREINAFTER ENACTED
THAT ELIMINATES OR REDUCES THE TAX CREDITS AVAILABLE UNDER THIS SECTION
SHALL APPLY TO ANY BUSINESS ENTITY OR AFFILIATE OF A BUSINESS ENTITY THAT
QUALIFIED FOR THE TAX CREDITS BEFORE THE EFFECTIVE DATE OF SUCH LAW OR
ABROGATION.

Chapter 623 of the Acts of 1997, as Amended by Chapter 623 of the Acts of

1998

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall be
applicable to all taxable years beginning after December 31, 1996 [but before
January 1, 2008; provided, however, that the tax credits under § 9-230 of the Tax -
Property Article, as enacted by Section 1 of this Act, shall be allowed for property and
business entities that meet the criteria established in § 9-230(c) of the Tax - Property
Article on or after October 1, 1997 but before January 1, 2003; and provided further
that any excess State tax credits under § 9-230(f)(1) of the Tax - Property Article may
be carried forward and, subject to the limitations under § 9-230(f)(3) of the Tax -
Property Article, may be applied as a credit for taxable years beginning on or after
January 1, 2008].

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 1997. [Subject to the provisions of Section 2 of this Act, this Act shall
remain in effect for a period of 5 years and 3 months and, at the end of December 31,
2002, with no further action required by the General Assembly, this Act shall be
abrogated and of no further force and effect].