HARRY HUGHES, Governor                                      3797

Governor

Senate Bill No. 242

AN ACT concerning

Enterprise Zones - Property Tax Credits

FOR the purpose of extending the period for which certain
property tax credits in enterprise zones are available;
providing for the calculation of the credits in certain
years; and making a stylistic change.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 12G-ll(c) and (d)

Annotated Code of Maryland

(1980 Replacement Volume and 1984 Supplement)

BY repealing and reenacting, with amendments,

Article - Tax - Property
Section 9-103(d) and (e)
Annotated Code of Maryland

(As enacted by Chapter ____ (S.B. 1) of the

Acts of the General Assembly of 1985)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

12G-11.

(c)  The special tax credit granted under this section shall
be available to qualified properties within an enterprise zone
for no more than [5] 10 successive taxable years following the
calendar year in which the property first becomes a qualified
property. The special tax credit shall continue to be available
to qualified property after the expiration of the designation of
an enterprise zone, but in no event may the special tax credit
exceed [5] 10 years.

(d)  The amount of the special tax credit shall be a
percentage of the real property taxes imposed upon the eligible
assessment of the qualified property. The percentage used to
determine the amount of the credit shall be 80 percent [beginning
with] IN EACH OF the first 5 taxable [year] YEARS, 70 PERCENT IN
THE 6TH TAXABLE YEAR, 60 PERCENT IN THE 7TH TAXABLE YEAR, 50