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ROBERT L. EHRLICH, JR., Governor Ch. 345
1. includes land receiving an agricultural use assessment
under § 8-209 of this article; and
2. includes land used as a homesite that is part of or
contiguous to a parcel described in item 1 of this item;
(ii) owns personal property used to operate the agricultural land;
and
(iii) owns no other property.
(7) "Active member" means a member of a limited liability company OR
PARTNER IN A LIMITED LIABILITY PARTNERSHIP who has or shares the authority to
manage, control, and operate the limited liability company OR LIMITED LIABILITY
PARTNERSHIP and who shares the assets and earnings of the limited liability
company OR LIMITED LIABILITY PARTNERSHIP under an operating agreement under
§ 4A-402 of the Corporations and Associations Article OR UNDER A PARTNERSHIP
AGREEMENT.
(c) (4) (i) For a homeowner who is an active member of an agricultural
limited liability [company] ENTITY to qualify for the property tax credit under this
section:
1. the dwelling must have been owned and occupied by the
active member:
A. at the time of its transfer to the agricultural limited
liability [company] ENTITY; or
B. if THE AGRICULTURAL LIMITED LIABILITY ENTITY IS A
LIMITED LIABILITY COMPANY AND the dwelling was originally transferred to the
agricultural limited liability [company] ENTITY as part of a conversion from a
partnership under § 4A-211 of the Corporations and Associations Article, then at the
time of its transfer to the former partnership; and
2. the agricultural limited liability [company] ENTITY and
the active member who occupies the dwelling must file an application with the
Department establishing initial eligibility for the credit on or before June 30 for the
following taxable year and, at the request of the Department, must file an application
in any future year to verify continued eligibility.
(ii) Failure to file a timely application may result in
disqualification from the Homestead Tax Credit Program for the following taxable
year.
(iii) The credit may only be granted to one dwelling owned by the
agricultural limited liability [company] ENTITY.
(iv) Participation in the credit program as the active member of an
agricultural limited liability [company] ENTITY disqualifies any other dwellings
owned by the active member for the credit.
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