1. (a) The governing body of a county or municipal corporation may grant, by law, a property tax credit under this section against the county or municipal corporation property tax imposed on real property containing a vacant or underutilized commercial building that:

   1. (1) was built primarily for office, industrial, or other commercial purposes;
   2. (2) was last used for office, industrial, or other commercial purposes; and
   3. (3) is renovated for use primarily as housing.

2. (b) The governing body of a county or municipal corporation may establish conditions for the granting of a property tax credit under paragraph (1) of this subsection, including:

   1. (1) eligibility criteria;
   2. (2) application procedures; and
   3. (3) provisions for a payment in lieu of taxes to the county or municipal corporation by the recipient of the tax credit.

Added by Acts 1999, c. 351, § 1, eff. Oct. 1, 1999.