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3582 LAWS OF MARYLAND Ch. 942
(c) (1) [A] EXCEPT AS PROVIDED IN PARAGRAPH (2),
A property tax credit, not to exceed $750, shall be
allowed upon the application of any homeowner from total
real property taxes upon the dwelling for which
application for the tax credit is made. The tax credit
shall be equal to the amount of real property taxes in
excess of a percentage of the gross income, or combined
income, as the case may be, of the homeowner. This
percentage shall not exceed three percent of the first
$3,000 of combined income, four percent of the next
$5,000 of combined income, five percent of the next
$4,000 of combined income, seven percent of the next
$3,000 of combined income and nine percent of all
combined income in excess of $15,000. The credit shall
not be allowed to any homeowner whose combined net worth
is in excess of $150,000 as of December 31 of the
calendar year preceding the year in which the application
is made for the tax credit.
(2) UPON THE APPLICATION OF ANY HOMEOWNER 60
YEARS OF AGE OR OLDER OR ANY DISABLED HOMEOWNER AS
DEFINED IN SECTION 12F-3 12F-1 OF THIS ARTICLE WHOSE
GROSS INCOME OR COMBINED INCOME IS $5,000 OR LESS, A
PROPERTY TAX CREDIT SHALL BE ALLOWED FROM TOTAL REAL
PROPERTY TAXES UPON THE DWELLING FOR WHICH APPLICATION IS
MADE. THE TAX CREDIT SHALL BE EQUAL TO THE AMOUNT OF
REAL PROPERTY TAXES IN EXCESS OF 2 PERCENT OF THE GROSS
INCOME, OR COMBINED INCOME, AS THE CASE MAY BE, OF THE
HOMEOWNER.
[(2)] (3) When a homeowner sells a dwelling
which is subject to a property tax credit, the credit
shall be terminated as of the date of transfer of the
property. The total amount of the credit shall be
included in the amount of ordinary taxes which were paid
by the homeowner and which are adjusted at the time of
settlement between the homeowner and the purchaser. The
homeowner shall be charged only for that proportion of
the credit which the homeowner's period of ownership of
the property during the taxable year in which the
transfer occurs bears to the entire taxable year. The
remaining portion of the credit shall be paid by the
purchaser to the county or Baltimore City and credited to
the State, less any deductions for the costs incurred by
any county, Baltimore City or municipality under the
provisions of the §12F—2 of this article.
SECTION 2. AND BE IT FURTHER ENACTED, That if
Chapter ___ of the Acts of 1977 (House Bill 912) is
enacted, the amount of credit granted for homeowners
other than those 60 years of age and older or disabled as
defined in Section 12F-3 12F-1 of Article 81 - Revenue
and Taxes under Chapter ___ of the Acts of 1977 (House
Bill 912) shall not include the amount of credit provided
under Section 1 of this Act and no additional credit
shall be provided.
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