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File #: O-28-18    Version: 1 Name:
Type: Ordinance Status: Adopted
File created: 6/11/2018 In control: City Council
On agenda: 7/23/2018 Final action: 7/18/2018
Title: Arts and Entertainment District - Tax Credit - For the purpose of providing certain tax credit incentives to eligible persons; and specifying the annual distribution of a real property tax credit incentive.
Sponsors: Elly Tierney
Indexes: Finance Committee
Attachments: 1. O-28-18 City Arts and Entertainment District Tax Credit Ordinance.pdf, 2. O-28-18 Staff Report.pdf, 3. O-28-18 MSAC impact analysis FY 2016_Oct2017.pdf, 4. O-28-18 Fiscal Impact Note.pdf, 5. O-28-18 Finance Committee Proposed Amendments.pdf, 6. O-28-18 SIGNED.pdf

Title

Arts and Entertainment District - Tax Credit - For the purpose of providing certain tax credit incentives to eligible persons; and specifying the annual distribution of a real property tax credit incentive.

Body

CITY COUNCIL OF THE

City of Annapolis

 

Ordinance 28-18

 

Introduced by: Alderwoman Tierney

 

Referred to

Finance Committee

 

 

AN ORDINANCE concerning

 

Arts and Entertainment District - Tax Credit

 

FOR                     the purpose of providing certain tax credit incentives to eligible persons; and specifying the annual distribution of a real property tax credit incentive.

 

BY                     adding the following portions to the Code of the City of Annapolis, 2018 Edition

                     6.25.010

                     6.25.020

                     6.04.260

 

SECTION I:                     BE IT ESTABLISHED AND ORDAINED BY THE ANNAPOLIS CITY COUNCIL that the Code of the City of Annapolis shall be amended to read as follows:

 

TITLE 6 - REVENUE AND FINANCE

 

Chapter 6.25 - ARTS AND ENTERTAINMENT DISTRICT 6.04 - FINANCE AND TAXATION GENERALLY

 

Section 6.25.010 - Property Tax Relief 6.04.260 - Arts and Entertainment District - Tax Credit.

 

A.                      Pursuant to the authorization in Section 9-240 of the Tax- Property Article, a real property tax credit against the City of Annapolis property tax imposed on the assessment increase due to construction or renovation of an eligible building may be granted to qualifying property owners.  The real property tax credit amount shall be the following percentage of the amount of property tax imposed on the eligible assessment of the property entitled to the credit:

(1) 100% in each of the first 3 taxable years after the calendar year when the property initially is entitled to the credit;

(2)                     75% in the 4th and 5th taxable year;

(3)                     50% in the 6th and 7th taxable year;

(4)                     25% in the 8th and 9th taxable year;

(5)                     10% in the 10th taxable year; and

(6)                     0% after the 10th taxable year.

 

B.                      The Director of Finance shall promulgate rules and regulations to implement this section of the City Code. All construction or renovation of an eligible building for purposes of this real property tax credit shall be properly documented and attested to on an application form approved by the Director of Finance. The qualifying property owner shall re-apply for this real property tax credit each City fiscal year.

 

Section 6.25.020 - References to the Annotated Code of Maryland.

 

C.                     References in Chapter 6.25section 6.04.260 to any section of the Annotated Code of Maryland shall mean that section as may be amended from time to time. 

 

 

SECTION  II:   AND  BE  IT  FURTHER  ESTABLISHED  AND  ORDAINED  BY THE ANNAPOLIS CITY COUNCIL that this ordinance shall take effect from the date of its passage.

 

 

EXPLANATION

Underlining indicates matter added to existing law.

Strikethrough indicates matter stricken from existing law.

Double underlining indicates amendments.