§4–706.

    (a)    In an arts and entertainment district:

        (1)    each qualifying residing artist is eligible for the income tax subtraction modification under § 10-207(v) of the Tax - General Article;

        (2)    the property tax credit under § 9-240 of the Tax - Property Article applies; and

        (3)    the exemption from the admissions and amusement tax under § 4-104 of the Tax - General Article applies.

    (b)    (1)    On or before July 1 preceding the effective date of its establishment, the Secretary shall notify the Comptroller that an arts and entertainment district is established.

        (2)    The subtraction modification under § 10-207(v) of the Tax - General Article applies to each taxable year beginning after December 31 of the year in which the Secretary provides the notice required by paragraph (1) of this subsection.