822

LAWS OF MARYLAND

Ch. 214

(D) AN INCOME TAX CREDIT, NOT TO EXCEED $75 PER MONTH,
SHALL BE ALLOWED FROM STATE AND LOCAL INCOME TAXES UPON THE
APPLICATION BY A RENTER FOR THIS TAX CREDIT. THE TAX CREDIT
SHALL BE EQUAL TO THE AMOUNT OF ASSUMED REAL PROPERTY TAXES
IN EXCESS OF A PERCENTAGE OF THE GROSS INCOME OF THE RENTER.
THE PERCENTAGE MAY NOT EXCEED 1.5 PERCENT OF THE FIRST
$4,000 OF GROSS INCOME, 3.5 PERCENT OF THE NEXT $4,000, 5.5
PERCENT OF THE NEXT $4,000, 7.5 PERCENT OF THE NEXT $4,000,
AND 9.0 PERCENT OF ALL GROSS INCOME OVER $16,000. THE
CREDIT MAY NOT BE ALLOWED TO ANY RENTER WHOSE COMBINED NET
WORTH IS IN EXCESS OF $200,000 AS OF DECEMBER 31 OF THE
TAXABLE YEAR. IN THE CASE OF MULTIPLE RENTERS, THE CREDIT
SHALL BE APPORTIONED EQUALLY AMONG THE SEVERAL RENTERS.

Property Taxes - Payments for Elderly and Disabled Renters

FOR the purpose of creating a program of property tax relief
for elderly or disabled persons renting a principal
place of residence; providing for payments to these
renters based on income of a portion of rent
attributable to property taxes; providing for the scope
of and limitations on the program and the payments;
providing for the duties of the State Department of
Assessments and Taxation and the State Comptroller
under the program; providing for applications for
payments and determination and verification of
applications; and relating to a program of property tax
relief for elderly and disabled renters.

BY adding to

Article 81 - Revenue and Taxes

Section 12F-3

Annotated Code of Maryland

(1975 Replacement Volume and 1978 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 - Revenue and Taxes

12F-3.

(A) IN THIS SECTION, THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED:

(1)  "ASSUMED REAL PROPERTY TAX" MEANS 10 PERCENT
OF THE OCCUPANCY RENT PAID BY A RENTER DURING THE CALENDAR
YEAR.

(2)  "COMBINED INCOME" MEANS THE COMBINED GROSS
INCOME OF ALL PERSONS ACTUALLY RESIDING IN THE DWELLING
EXCEPT THOSE PERSONS WHO ARE DEPENDENTS ACCORDING TO THE
INTERNAL REVENUE CODE OR THOSE PERSONS PAYING REASONABLE
FIXED CHARGES.