MARVIN MANDEL, Governor                            2009

shall take effect July 1, 1976.

Approved May 17, 1976.

CHAPTER 728

(House Bill 1078)

AN ACT concerning

Montgomery County — Tax Credit
MC-15A-76

FOR the purpose of providing that certain property
receive a tax credit against ordinary taxes when
leased by nonprofit community theatrical
organizations and to define when a credit may be
granted.

BY repealing and reenacting, with amendments,

Article 81 — Revenue and Taxes

Section 9C(k-1)

Annotated Code of Maryland

(1975 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 9C(k-1) of Article 81 - Revenue
and Taxes, of the Annotated Code of Maryland (1975
Replacement Volume and 1975 Supplement) be and it is
hereby repealed and reenacted, with amendments, to read
as follows:

Article 81 — Revenue and Taxes

9C.

(k—1) In Montgomery County, personal property
owned by any nonprofit, nonstock cooperative housing
corporations; LEASED REAL PROPERTY AND IMPROVEMENTS IN
MONTGOMERY COUNTY USED EXCLUSIVELY AS A THEATRE BY
NONPROFIT COMMUNITY THEATRICAL ORGANIZATIONS WHICH HAVE
NO PAID OFFICERS, DIRECTORS OR EMPLOYEES, OTHER THAN
CLERICAL OR MAINTENANCE EMPLOYEES, IF THE PAYMENT TO THE
LESSOR UNDER THE LEASE IS LIMITED TO INTEREST,
AMORTIZATION OF THE MORTGAGE, AND THE LESSOR'S
OUT-OF-POCKET EXPENSES, EXCLUDING PROFIT OR RETURN TO THE
LESSOR ON HIS INVESTMENT IN THE LAND OR IMPROVEMENTS ON
IT. A THEATRE SHALL CONTAIN A MINIMUM OF 175 SEATS IN
ORDER TO QUALIFY FOR A TAX CREDIT UNDER THIS SECTION.
MONTGOMERY COUNTY MAY REQUIRE A QUALIFYING COMMUNITY
THEATRICAL ORGANIZATION TO PAY AN ANNUAL CHARGE FOR