In this section, “newly constructed dwelling” and “owner”have the meanings stated in <cite data-doc="Md. Code" data-path="gtp|9-304">State Tax-Property Article § 9-304(d)</cite>. There is established a property tax credit, as authorized in <cite data-doc="Md. Code" data-path="gtp|9-304">State Tax-Property Article § 9-304(d), </cite>against the property tax imposed on newly constructed dwellings that are owned by qualifying owners. The owner of a newly constructed dwelling may qualify for the tax credit authorized by this section by:purchasing a newly constructed dwelling; occupying that dwelling as his or her principal residence; filing an application for the credit either:within 90 days after settling on the purchase of the dwelling; or within 90 days after the owner first receives an assessment on the building; for each taxable year for which the credit is sought, filing a state income tax return as a resident of Baltimore City; and satisfying all other conditions imposed by the regulations of the Director of Finance. A property tax credit granted under this section may not exceed the amount of property tax imposed on the real property, less the amount on any other credit applicable in that year, multiplied by:50% for the 1^st taxable year in which the property qualifies for the tax credit; 40% for the 2^nd taxable year in which the property qualifies for the tax credit; 30% for the 3^rd taxable year in which the property qualifies for the tax credit; 20% for the 4^th taxable year in which the property qualifies for the tax credit; 10% for the 5^th taxable year in which the property qualifies for the tax credit; and 0% for each taxable year thereafter. Subject to the approval of the Board of Estimates, and 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 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; and may include procedures for granting partial credits for eligibility for less than a full taxable year. 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 develop by January 1, 1996, a method, which shall be approved by the Board of Estimates, for analysis of the public costs and benefits of the tax credits. The method will include development of baseline data to include new residential construction, new housing tenure, and net migration trends in the City. Measurement of the public costs and benefits of the tax credit will be made against baseline data and will include credit and administrative costs and estimates of benefits from property, income, and transfer tax revenues. The Director of Finance shall report annually to the Board of Estimates and to the Mayor and City Council the results and findings of that analysis, including the steps taken and proposed to be taken to promote and otherwise further the use of the tax credit program. After June 30, 2019, additional owners of newly constructed dwellings may not be granted a credit under this section. This subsection does not apply to an owner’s continuing receipt of a credit as allowed in subsection (d) with respect to a property for which a tax credit under this section was received for a taxable year ending on or before June 30, 2019. City Code, 1976/83, art. 28, §75D Ord. 95-464 Ord. 98-283 Ord. 00-097 Ord. 02-400 Ord. 05-057 Ord. 07-441 Ord. 09-197 Ord. 14-260 Text Conformed 02/25/21 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.