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S.B. 764 VETOES
(2004 Replacement Volume and 2005 Supplement)
BY repealing and reenacting, with amendments,
Article — Tax - Property
Section 9-103(e)
Annotated Code of Maryland
(2001 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article—Tax—General
10-702.
(b) (1) Any business entity that is located in an enterprise zone and satisfies
the requirements of Article 83A, § 5-404 of the Code may claim a credit only against
the State income tax for the wages specified in subsections (c) and (d) of this section
that are paid in the taxable year for which the entity claims the credit.
(2) A business entity that is located in a focus area and satisfies the
requirements of Article 83A, § 5-404 of the Code may claim a credit only against the
State income tax for the wages specified in subsection (c) of this section that are paid
to a focus area employee in the taxable year for which the entity claims the credit.
(3) An organization that is exempt from taxation under § 501(e)(3) or (4)
of the Internal Revenue Code may apply the credit under this section as a credit
against income tax due on unrelated business taxable income as provided under §§
10-304 and 10-812 of this title.
(4) NOTWITHSTANDING ARTICLE 83A, § 5-404(D) OF THE CODE BUT
SUBJECT TO ARTICLE 83A, § 5-404(B) AND (C) OF THE CODE, A BUSINESS ENTITY
OPERATING IN AN ENTERPRISE ZONE WHEN THE DESIGNATION OF THE ENTERPRISE
ZONE EXPIRES MAY CONTINUE TO CLAIM THE CREDITS ALLOWED UNDER THIS
SECTION FOR QUALIFIED EMPLOYEES WHO BECOME QUALIFIED EMPLOYEES
WITHIN 3 YEARS AFTER THE DATE THE DESIGNATION OF THE ENTERPRISE ZONE
EXPIRED.
Article - Tax - Property
9-103.
(e) (1) A tax credit under this section is available to a qualified property for
no more than 10 consecutive years beginning with the taxable year following the
calendar year in which the real property initially becomes a qualified property.
(2) Even if the designation of an enterprise zone expires, the tax credit
under this section continues to be available to a qualified property.
(3) NOTWITHSTANDING ARTICLE 83A, § 5-404(D) OF THE CODE BUT
SUBJECT TO ARTICLE 83A, § 5-404(B) AND (C) OF THE CODE, A BUSINESS ENTITY
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