(a) Creation. There is a tax credit from County real property taxes levied on property leased by Anne Arundel Community College at Arundel Mills.
(b) Time for filing application. An application for the tax credit created by this section shall be filed on or before October 1 prior to the tax year for which the credit is first sought. If the application is filed after October 1, the credit shall be disallowed that year but shall be treated as an application for the tax credit for the next succeeding year.
(c) Form of application. An application for the tax credit shall be submitted to the Controller on a form that the Office of Finance requires; be accompanied by a current certificate of good standing for the applicant from the State Department of Assessments and Taxation; and include any additional information the Controller believes necessary to determine whether the tax credit should be granted.
(d) Grant of application. The Controller shall grant the credit if the application meets the requirements of this section.
(e) Duration of credit. The tax credit shall be effective so long as the property meets the requirements of this section, and shall terminate when the property no longer meets the conditions of this section. Anne Arundel Community College shall notify the Office of Finance immediately upon termination of any lease for property receiving a tax credit under this section.
(1985 Code, Art. 6, § 1-104.8) (Bill No. 45-04; Bill No. 22-16; Bill No. 17-20)