|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1943
|
|
|
|
|
HARRY HUGHES, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. State general obligation bond issue
out of which the loan is made for a loan made from the proceeds
of a State general obligation bond issue;
(iii) To the extent that it is to be repaid,
may be repayable in accordance with any schedule, with maturity
of up to 15 years; and
(iv) To the extent that it is to be repaid, is
a general obligation secured by the assets and revenues of the
political subdivisions that will assure repayment.
(d) The Secretary may adopt regulations governing all
aspects of the program, and may in his discretion facilitate the
process of application by preparation of guidelines or formats
in nonregulatory form.
Article 81 - Revenue and Taxes
12G-11.
(a) In this section the following terms have the meanings
indicated.
(1) "Qualified property" means real property used BY
A BUSINESS ENTITY THAT SATISFIES THE REQUIREMENTS OF § 266KK 4(B)
266KK-4 OF ARTICLE 41, in connection with a trade or business
[and] located in an enterprise zone designated under the
provisions of § 266KK-2 of Article 41[, provided that such
property is existing in such enterprise zone on the date on which
such enterprise zone is designated or, is acquired, constructed,
or improved thereafter].
(2) "Base year assessment" means the taxable
assessment upon which real property taxes were levied in the
taxable year immediately preceding the taxable year in which the
[enterprise zone was designated] FIRST SPECIAL TAX CREDIT UNDER
THIS SECTION IS TO BE GRANTED.
(3) "Eligible assessment" means the difference
between the base year assessment and the actual assessment as
determined by the Department of Assessments and Taxation for the
applicable taxable year in which the special tax credit [provided
for in] UNDER this section is to be granted.
(b) The owner of qualified property shall receive a credit
against the real property taxes imposed upon the eligible
assessment of such qualified property by Baltimore City, or, by
any [county; provided,] POLITICAL SUBDIVISION. HOWEVER, if such
qualified property is located within a municipal corporation it
will not be eligible to receive a credit from the county real
property taxes unless the county within which the municipal
corporation is located agreed to the designation of an enterprise
zone within such municipal corporation. Real property taxes
imposed by the State shall not be affected by this section.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
