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ROBERT L. EHRLICH, JR., Governor
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Ch. 176
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(II) "BASE YEAR" MEANS THE TAXABLE YEAR IMMEDIATELY
BEFORE THE TAXABLE YEAR IN WHICH A PROPERTY TAX CREDIT GRANTED UNDER
THIS SECTION IS TO BE GRANTED.
(III) 1. "BASE YEAR VALUE" MEANS THE VALUE OF THE
PROPERTY USED TO DETERMINE THE ASSESSMENT ON WHICH THE PROPERTY TAX
ON REAL PROPERTY WAS IMPOSED FOR THE BASE YEAR.
2. "BASE YEAR VALUE" DOES NOT INCLUDE ANY NEW REAL
PROPERTY THAT WAS FIRST ASSESSED IN THE BASE YEAR
(2) THE ASSESSMENT ELIGIBLE FOR A TAX CREDIT UNDER THIS
SECTION IS EQUAL TO THE DIFFERENCE BETWEEN THE BASE YEAR VALUE AND THE
ACTUAL VALUE AS DETERMINED BY THE DEPARTMENT FOR THE APPLICABLE
TAXABLE YEAR IN WHICH THE TAX CREDIT UNDER THIS SECTION IS TO BE GRANTED.
(D) A tax credit granted under this section may not be granted for more than
10 years.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect October June 1, 2005; and. The changes to § 10-207(v) of the Tax - General
Article as enacted by Section 1 of this Act shall be applicable to all taxable years
beginning after December 31, 2004. The changes to § 9-240 of the Tax - Property
Article as enacted by Section 1 of this Act shall be applicable to all taxable years
beginning after June 30, 2006 2005.
Approved April 26, 2005.
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CHAPTER 176
(Senate Bill 811)
AN ACT concerning
Maryland Consolidated Capital Bond Loan of 2003 - Baltimore Zoo
FOR the purpose of extending the date by which the Maryland Zoological Society
must provide evidence that a matching fund will be provided for a certain grant
provided in the Maryland Consolidated Capital Bond Loan of 2003.
BY repealing and reenacting, with amendments,
Chapter 204 of the Acts of the General Assembly of 2003
Section 1(3) ZA00 Item (B)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Chapter 204 of the Acts of 2003
Section 1(3)
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- 1105 -
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