In accordance with the provisions of Section 9-242 of the Tax-Property Article of the Annotated Code of Maryland, there is a tax credit against the property tax imposed on real property for a high performance buildings in Prince George's County. As used in this Section and subject to paragraph (3), the following terms shall have the meaning indicated: "High performance buildings" means a building that: achieves at least a silver rating according to the U.S. Green Building Council's LEED (Leadership in Energy and Environmental Design) green building rating system as adopted by the Maryland Green Building Council; achieves at least a comparable rating according to any other appropriate rating system; or meets comparable green building guidelines or standards approved by the State. "LEED rating system" means the U.S. Green Building Council's LEED (Leadership in Energy and Environmental Design) green building rating system as adopted by the Maryland Green Building Council, including the following terms: "LEED-NC" for new construction; "LEED-CS" for core and shell; and "LEED-EB" for existing buildings. For the purposes of paragraph (1) of this subdivision, under LEED Credit MR7 or a similar criterion in a comparable rating system, credit may be awarded for the use of wood-based materials derived from all credible sources, including the Sustainable Forestry Initiative Program, the Canadian Standards Association, the American Tree Farm System, and other creditable certified sources programs. For LEED-NC and LEED-CS high performance buildings, the tax credit shall be for a period of five (5) years at the following ratings and amounts: LEED certified silver - 25%; LEED certified gold - 50%; LEED certified platinum - 75% For LEED-EB high performance buildings, the tax credit shall be for a period of three (3) years at the following ratings and amounts: LEED certified silver - 10%; LEED certified gold - 25%; LEED certified platinum - 50% During the fiscal year, the total of all tax credits granted under this section shall not exceed $5,000,000. Tax credits shall be granted in the order in which the Office of Finance receives the complete application under subsection (g) of the section. If a complete application granted would cause the limit set in this subsection to be exceeded, the tax credit shall be granted in the next fiscal year or years and in the order received. A real property tax credit shall not be granted under this Section if the real property have otherwise been granted a tax credit or exemption under the Tax-Property Article, Annotated Code of Maryland or the County Code for the taxable year; Application for the tax credit established herein shall be made under oath on an application provided by the Director of Finance. The application shall provide a legal description of the property, proof of a properly issued use and occupancy permit, copy of the LEED certification determination and such other information or documentation as the Director may require to determine whether the applicant can qualify for the tax credit. The application must be submitted within two (2) years of the LEED certification determination. The Director of Finance shall determine the eligibility of the taxpayer for the tax credit and notify the State Department of Assessments and Taxation that a taxpayer has been approved for the property tax credit and the assessed value of the premises. The Director of Finance shall verify that the taxpayer continues to satisfy the applicable thresholds to qualify for the property tax credit by requiring submission of reports by the taxpayer, as the Director deems necessary. The Director of Finance shall provide an annual report to the County Council on the high performance building real property tax credit on or before December 31st of each year for the previous fiscal year, to include: the number of applications received; the number of applications denied: the amount of tax credits approved; and the location by Councilmanic district of the number of applications received, denied and the amount of tax credit approved.