In this section, the following terms have the meanings indicated. “High-performance” means meeting the performance standards set forth in <cite data-doc="Md. Code" data-path="gtp|9-242">State Tax-Property Article § 9-242(a) </cite>{“‘High performance building’ defined”}. “Newly constructed dwelling” means residential real property:that has not been previously occupied since its construction; and for which the building permit for construction was issued on or after October 1, 1994. “Newly constructed dwelling” includes a vacant dwelling that:has been rehabilitated in compliance with applicable local laws and regulations; and has not been previously occupied since the rehabilitation. “Owner” has the meaning stated in <cite data-doc="Md. Code" data-path="gtp|9-304">State Tax-Property Article § 9-304(d) </cite>{“Newly constructed dwellings”}. “Vacant dwelling” means residential real property that:contains no more than 4 dwelling units as defined in § 202.2 of the Baltimore City <cite data-path="|building-codes|II">Building Code</cite>; and either:had been cited with a vacant building notice that remained unabated until the rehabilitation described in paragraph (3)(ii)(A); or has been owned by the Mayor and City Council of Baltimore City for 1 year and is in need of substantial repair to comply with applicable City codes. There is established a property tax credit, as authorized in <cite data-doc="Md. Code" data-path="gtp|9-242">State Tax-Property Article § 9-242, </cite>against the property tax imposed on high-performance newly constructed dwellings that are owned by qualifying owners. The owner of a high-performance newly constructed dwelling may qualify for the tax credit authorized by this section by:purchasing a high-performance newly constructed dwelling; occupying that dwelling as his or her principal residence; filing an application for the credit within 90 days after settling on the purchase of the dwelling; for each taxable year for which the credit is sought, filing a state income tax return as a resident of Baltimore City; satisfying all other conditions imposed by the regulations of the Director of Finance; and not currently receiving the credit authorized by <cite data-path="|28|§10-5">§ 10-5 of this subtitle</cite> {“Newly constructed dwellings”}. A property tax credit granted under this section shall equal the amount of City property tax imposed on the real property, less the amount of any other credit applicable in that year, multiplied by:50% for the 1st full taxable year in which the property qualifies for the tax credit; 40% for then 2nd full taxable year in which the property qualifies for the tax credit; 30% for the 3rd full taxable year in which the property qualifies for the tax credit; 20% for the 4th full taxable year in which the property qualifies for the tax credit; 10% for the 5th full taxable year in which the property qualifies for the tax credit; and 0% for each taxable year thereafter. Subject to Title 4 {“Administrative Procedure Act – Regulations”} of the <cite data-path="|general">City General Provisions Article</cite>, the Director of Finance shall adopt rules and regulations to carry out the provisions of this section. These regulations shall include procedures necessary and appropriate for the submission of an application for and the granting of a property tax credit under this section. The estimated amount of all tax credits received by owners under this section in any fiscal year:shall be reported by the Director of Finance of Baltimore City as a “tax expenditure” for that fiscal year; and shall be included in the publication of the City’s budget for any subsequent fiscal year with the estimated or actual City property tax revenue for the applicable fiscal year. The Director of Finance shall report annually to the Board of Estimates and to the Mayor and City Council any results and findings of any analysis of the tax credit, including the steps taken and proposed to be taken to promote and otherwise further the use of the tax credit program. Notwithstanding any other provision of this section, additional owners whose settlement on the purchase of a high-performance newly constructed dwelling occurs after June 30, 2027, may not apply for a credit under this section. Ord. 19-290 Ord. 19-317 Ord. 19-332 Text Conformed 02/25/21 Ord. 21-027 Ord. 21-106 By authority of Ordinance 20-431, Section 5, the Director of Legislative Reference, in consultation with the Law Department, has conformed this section to refer expressly to and reflect the requirements of the recently-enacted Administrative Procedure Act that, effective January 15, 2021, governs the proposal, adoption, and publication of administrative rules and regulations. This section was amended by Ordinance 21-027, effective June 14, 2021, among other things, to revise the definition of “newly constructed dwelling” and to clarify and extend the credit qualification deadlines for certain high-performance newly constructed dwellings. Section 3 of that Ordinance provides: “[I]f settlement on the purchase of the high-performance newly constructed dwelling occurred prior to the enactment of this Ordinance {i.e., June 14, 2021} and if the building permit for the construction of the ... dwelling was issued on or after July 1, 2019, but before July 1, 2020, an application for a tax credit under ... this Ordinance must be filed no later than December 31, 2021.” This section was enacted by Ordinance 19-290 and became effective on August 29, 2019. Ord. 19-290 proposed to codify this section as a new § 10-31 but, for various reasons, the section is better codified here, adjacent to two preexisting tax credits for “high-performance” structures.