①Land value tax is not imposed on the Organization for Promoting Urban Development prescribed in Article 3, paragraph (1) of the Act on Special Measures Concerning the Promotion of Urban Development by Private Sectors (limited to one that is an incorporated public interest association or an incorporated public interest foundation) with regard to land, etc. that it holds as of the taxation date (limited to land, etc. that the Organization for Promoting Urban Development acquired during the period from January 1, 1996 to March 31, 1999 as prospective project land prescribed in Article 14, paragraph (2), item (i) of the Supplementary Provisions of that Act and for which the period from the day of its acquisition to that taxation date does not exceed 10 years, and other land, etc. specified by Cabinet Order).

②With regard to the application of the provisions of Chapter II of the Land-holding Tax Act in the case where the provisions of the preceding paragraph apply, the phrase "through Article 8" in Article 16 of that Act is deemed to be replaced with "through Article 8 and Article 71-6, paragraph (1) (Tax Exemption for Land, etc. Held by the Organization for Promoting Urban Development) of the Act on Special Measures Concerning Taxation".