HARRY HUGHES, Governor

2005

all combined income over $16,000. The credit shall not be
allowed to any homeowner whose combined net worth is in
excess of $200,000 as of December 31 of the calendar year
preceding the year in which the application is made for the
tax credit. IF THE AMOUNT OF THE CREDIT CALCULATED IS LESS
THAN $1 FOR ANY YEAR, A CREDIT WILL NOT BE ALLOWED FOR THAT
YEAR.

(d)  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 § 12F-2 of this article.

(e)  The homeowner may apply for the tax credit no
later than [June] SEPTEMBER 1 of the taxable year in which
the tax credit is sought, on a standard form to be provided
by the Department. If the application has not been made on
or before [June] SEPTEMBER 1, the tax credit may not be
allowed, EXCEPT THAT THE DEPARTMENT MAY, UPON GOOD CAUSE
SHOWN, ACCEPT ANY APPLICATION SUBMITTED AFTER SEPTEMBER 1,
BUT NOT LATER THAN SEPTEMBER 30. UPON MAKING A FINAL
DETERMINATION WHETHER TO ACCEPT OR REJECT A LATE
APPLICATION, THE DEPARTMENT SHALL NOTIFY THE HOMEOWNER, IN
WRITING, OF THE DECISION.

(f)  The application for the tax credit shall be made
under oath or affirmation that the matters and facts stated
in the application are true to the best of the applicant's
knowledge, information, and belief. The applicant may be
required to provide copies of income tax returns, or other
evidence of income, interest, dividends, rents, money paid
or received, or net worth to substantiate the application
for the property tax credit.

(g)  (1) A homeowner shall submit the application to
the Department. Upon determination of eligibility for all
applications received by May 1 [of] PRECEDING the taxable
year in which the tax credit is sought, the Department shall
have prepared, in each instance, by the county or Baltimore
City official a tax bill that reflects the final tax
liability after allowing the credit for which provision is
made by this section. Whenever a homeowner is found eligible
for the tax credit through a determination on an application
received after May 1 and receives a tax bill that does not
reflect the final tax liability of the taxpayer after
allowing for the tax credit for which provision is made by