On or after July 1, 2026, a qualified institution shall apply jointly with a county, a municipal corporation, or the economic development agency of a county or municipal corporation to the Corporation to designate an area as a Regional Institution Strategic Enterprise zone. The application shall: be in the form and contain the information that the Corporation requires by regulation; state the boundaries of the area of the proposed RISE zone, not exceeding 500 acres; describe the nexus of the RISE zone with the qualified institution; and contain a plan that identifies the target strategy and anticipated economic impacts of the RISE zone. The Corporation may establish, by regulation, any other requirements necessary and appropriate for an area to be designated as a RISE zone. Unless a county in which a municipal corporation is located agrees to designation of a RISE zone in the municipal corporation, qualified property in the municipal corporation may not receive a tax credit against county property tax. Unless a municipal corporation located within a county agrees to designation of a RISE zone within its boundaries, qualified property in the county may not receive a tax credit against the municipal property tax. Within 120 days after submission of an application under this section, the Corporation shall: approve or reject an application for designation of a RISE zone, including approval or modification of the proposed boundaries of the RISE zone; and define the boundaries of the approved RISE zone. At least 45 days before approval or rejection of an application under this section, the Corporation shall notify the Legislative Policy Committee. The Legislative Policy Committee may provide advice to the Corporation regarding: the approval or rejection of the RISE zone; or the boundaries of the RISE zone proposed by the Corporation. Subject to subparagraph (ii) of this paragraph, the designation of an area as a RISE zone is effective for 10 years. Upon a joint application of a qualified institution, a county and, if applicable, a municipal corporation, or the economic development agency of a county or municipal corporation, the Corporation may renew a RISE zone for an additional 5 years. The Corporation may not: except as provided in item 2 of this item or paragraph (3) of this subsection, approve more than three RISE zones in a single county or municipal corporation; or except as provided in paragraph (3) of this subsection, approve more than four RISE zones in Baltimore City; or approve a RISE zone the geographic area of which exceeds 500 acres. The Corporation may approve one extraordinary RISE zone in a single county or municipal corporation for an area that, in the determination of the Secretary, promotes quantum computing. A RISE zone may not be required to be in the immediate geographic proximity of a qualified institution if an appropriate nexus for the increased economic and community development is established with the qualified organization. If the proposed RISE zone is in a rural part of the State, a qualified institution may not be required to be in the immediate area of the RISE zone. The designation of an area as a RISE zone may not be construed to limit or supersede a provision of a comprehensive plan, zoning ordinance, or other land use policy adopted by a county, municipal corporation, or bicounty agency with land use authority over the area designated as a RISE zone.