|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
|
|
|
|
Ch. 167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
10-707.
(a) An individual may claim a credit against the State income tax for a taxable
year in the amount specified in subsection (b) of this section for property tax paid in
that taxable year for owner-occupied, residential real property that is granted a
property tax credit under § 9-317(e), § 9-318(d), or § 9-326 of the Tax - Property
Article.
(b) The credit shall equal the amount of the property tax credit granted for
property tax paid under § 9-317(e), § 9-318(d), or § 9-326 of the Tax - Property
Article.
(c) If the credit allowed under this section in any taxable year exceeds the
State income tax for that taxable year, calculated before application of the credits
under this section and §§ 10-701 and 10-701.1 of this subtitle, but after application of
the other credits allowable under this subtitle, the excess of the credit shall be
refunded.
Article - Tax - Property
9-326.
(a) The Mayor and City Council of Baltimore City and the governing body of
Baltimore County shall grant a property tax credit against the county property tax
imposed on owner-occupied, residential real property that:
(1) (I) is purchased from July 1, 1996 through June 30, 2002[:
(i) ] in a geographic area of Baltimore City, that contains between
800 and 1500 single-family dwellings; OR
(ii) IS PURCHASED FROM JULY 1,1996 THROUGH JUNE 30, 2004 2005
in EITHER OF two geographic areas of Baltimore County, that contain between:
1. 800 and 1400 single-family dwellings in one geographic
area; and
2. 2000 and 2400 single-family dwellings in another
geographic area; and
(2) is designated by the Mayor of Baltimore City or the County Executive
of Baltimore County, respectively, for participation in a demonstration project for
neighborhood preservation and stabilization.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2002.
Approved April 25, 2002.
|
|
|
|
|
|
|
|
|
|
- 1603 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
