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VETOES
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H.B. 1531
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(v) 10% for the fifth taxable year in which the property qualifies for
the tax credit; and
(vi) 0% for each taxable year thereafter.
(4) Owners of newly constructed dwellings may qualify for the tax credit
authorized by this subsection by:
(i) purchasing a newly constructed dwelling;
(ii) occupying the newly constructed dwelling as their principal
residence;
(iii) filing a State income tax return during the period of the tax
credit as a resident of Baltimore City; and
(iv) satisfying other requirements as may be provided by the Mayor
and City Council of Baltimore City.
(5) The Mayor and City Council of Baltimore City may provide for
procedures necessary and appropriate for the submission of an application for and the
granting of a property tax credit under this subsection, including procedures for
granting partial credits for eligibility for less than a full taxable year.
(6) The estimated amount of all tax credits received by owners under this
subsection in any fiscal year shall be reported by the Director of Finance of Baltimore
City as a "tax expenditure" for that fiscal year and shall be included in the publication
of the City's budget for any subsequent fiscal year with the estimated or actual City
property tax revenue for the applicable fiscal year.
(7) (i) After June 30, [2005] 2007, additional owners of newly
constructed dwellings may not be granted a credit under this subsection.
(ii) This paragraph does not apply to an owner's continuing receipt
of a credit as allowed in paragraph (3) of this subsection, with respect to a property for
which a tax credit under this subsection was received for a taxable year ending on or
before June 30, [2005] 2007.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2005.
May 26, 2005
The Honorable Michael E. Busch
Speaker of the House
State House
Annapolis, MD 21401
Dear Mr. Speaker:
In accordance with Article II, Section 17 of the Maryland Constitution, today I have
vetoed House Bill 1531 - Mining - Bond Supplement Reserve - Payments and
Assessments.
- 4492 -
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