The governing body of Howard County may grant, by law, a property tax credit under this section against the county property tax imposed on: property that: is owned by any community association; is used for community, civic, educational, library, or park purposes; and is not a swimming pool, tennis court, or similar recreational facility; real property that is subject to the county’s agricultural land preservation program; subject to subsections (b) and (c) of this section, real property that is new construction or an improvement to real property owned or occupied by a commercial or industrial business that: is currently or will be doing business in Howard County; will employ at least 12 additional full–time local employees by the second year in which the credit is allowed, not including any employee filling a job created when a job function is shifted from an existing location in the State to the location of the new construction or improvement; and makes a substantial investment in Howard County, which may be: the acquisition of a building, land, or equipment that totals at least $2,000,000; or the creation of 10 positions with salaries greater than the current average annual wage in Howard County; subject to subsection (b) of this section, real property that is used as a therapeutic riding facility by a nonprofit organization that: is exempt from taxation under § 501(c)(3) of the Internal Revenue Code; provides services to disabled individuals; and has at least 85% of its clients who are disabled individuals; subject to subsection (b) of this section, owner–occupied residential real property that is jointly owned by an individual and the Howard County Housing Commission; and subject to subsection (b) of this section, residential or commercial real property that has suffered damage caused by a natural disaster. In establishing a tax credit under subsection (a)(3) through (6) of this section, the governing body of Howard County: shall develop criteria necessary to implement the credit; shall designate an agency to administer the credit; and may specify: the amount and duration of the credit; the qualifications and application procedures for the credit; and any other requirement or procedure for the granting or administration of the credit that the governing body considers appropriate. A property tax credit under subsection (a)(3) of this section may not exceed the amount of county property tax imposed on the increase in assessment that is due to the new construction or improvements made to the property of the person applying for the credit. If a property tax credit under subsection (a)(3) of this section is granted for property leased or rented by a commercial or industrial business allowed under this subsection: the amount of the tax credit allowed shall pass through to the commercial or industrial business that conducts the activity that qualifies for the credit; and the term of the tax credit may not exceed the term of the lease and may not exceed 10 years. The governing body of Howard County may grant, by law, a property tax credit against the county property tax imposed on real property that is: located in designated geographic regions of the county; owned by specified classes of persons; and renovated, upgraded, or rehabilitated in accordance with eligibility criteria established by the county. The governing body of Howard County, by law, may: specify the geographic areas of the county, classes of owners, and types of improvements to property eligible for the tax credit; establish the amount and duration of the tax credit; establish additional eligibility criteria for the tax credit; and provide for any other provision necessary to carry out the tax credit under this section. In this subsection, “dwelling” has the meaning stated in § 9–105 of this title. Subject to subparagraph (ii) of this paragraph, the governing body of Howard County may grant, by law, a property tax credit against the county property tax imposed on a dwelling that is owned by an individual: who has resided in the dwelling for at least 30 consecutive years; whose combined income, as defined in § 9–104 of this title, does not exceed $75,000; and who is at least 65 years old. The amount of the tax credit granted under this subsection shall equal 100% of any increase in the property tax imposed on the dwelling that is attributable to a county property tax rate that exceeds $1.014 for each $100 of assessment. The governing body of Howard County may establish, by law: the duration of the tax credit; additional eligibility criteria for the tax credit; regulations and procedures for the application and uniform processing of requests for the tax credit; and any other provision necessary to carry out the tax credit.