§ 9-234. Vacant and underutilized commercial buildings

   (a) Qualifications for credit. -- The governing body of a county or municipal corporation may grant, by law, a property tax credit under this section against the county or municipal corporation property tax imposed on real property containing a vacant or underutilized commercial building that:

   (1) was built primarily for office, industrial, or other commercial purposes;

   (2) was last used for office, industrial, or other commercial purposes; and

   (3) is renovated for use primarily as housing.

(b) Establishment of conditions for grant of credit. -- The governing body of a county or municipal corporation may establish conditions for the granting of a property tax credit under paragraph (1) of this subsection, including:

   (1) eligibility criteria;

   (2) application procedures; and

   (3) provisions for a payment in lieu of taxes to the county or municipal corporation by the recipient of the tax credit.

HISTORY: 1999, ch. 351.