(1) Any county commission that establishes and implements a farmland protection program pursuant to article twelve, chapter eight-a of this code, may impose an additional county excise tax for the privilege of transferring title to real estate at a rate of no more than $1.10 for each $500 value or fraction thereof, as represented by any document as defined in section one of this article, payable at the time of delivery, acceptance or presentation for recording of the document. The additional tax imposed pursuant to this subdivision and the previously enacted section twenty-one, article two, chapter eight-a of this code is to be used exclusively for the purposes of funding farmland preservation.

(2) Any county commission of a county with an economic development corporation or authority, including without limitation, a development authority established under article twelve, chapter seven of this code operating within the county that participates in the certified development community program pursuant to article two, chapter five-b of this code, may impose an additional county excise tax for the privilege of transferring title to real estate at a rate of no more than $1.10 for each $500 value or fraction thereof, as represented by any document as defined in section one of this article, payable at the time of delivery, acceptance or presentation for recording of the document. The additional tax imposed pursuant to this subdivision is to be used exclusively for the purposes of funding the operations, programs or activities of the local economic development corporation or authority.

(3) If a county commission elects to fund both the county’s farmland protection program and the operations, programs or activities of the local economic development corporation or authority, pursuant to subdivisions (1) and (2) of this section, then the commission may impose the additional county excise tax authorized in this subsection at a rate of up to $2.20 for each $500 value or fraction thereof, as represented by any document as defined in section one of this article, payable at the time of delivery, acceptance or presentation for recording of the document, and shall divide all proceeds thereof pursuant to an order of the county commission explicitly specifying which portion of the tax is dedicated to funding farmland preservation and which portion of the tax is dedicated to the local economic development corporation or authority.