WILLIAM DONALD SCHAEFER, Governor                   Ch. 678

(v) 9% of the combined income over $16,000.

(G-l) FOR HOME PURCHASERS, THE PROPERTY TAX CREDIT IS THE
AMOUNT OF THE CREDIT AS CALCULATED UNDER SUBSECTION (G) OF THIS
SECTION MULTIPLIED BY A FRACTION, WHERE:

(1)  THE NUMERATOR OF THE FRACTION IS THE NUMBER OF
DAYS IN THE FISCAL YEAR THAT THE HOME PURCHASER ACTUALLY OCCUPIES
OR EXPECTS TO ACTUALLY OCCUPY A DWELLING IN WHICH THE HOME
PURCHASER HAS A LEGAL INTEREST; AND

(2)  THE DENOMINATOR IS 365 DAYS.

(i) (1) A property tax credit under this section may not
exceed $1,500 for any taxable year.

(2)  A property tax credit under this section may not
be granted to a homeowner whose combined net worth exceeds
$200,000 as of December 31 of the calendar year that precedes the
year in which the homeowner applies for the property tax credit.

(3)  If a property tax credit under this section is
less than $1 in any taxable year, the credit may not be granted.

(4)  A homeowner may claim a property tax credit under
this section for only 1 dwelling.

(5)  If a property tax credit is issued under this
section, the credit or a voucher for a credit may be used only in
the taxable year in which it was issued or the next succeeding
taxable year. However, a homeowner whose dwelling is sold for
taxes may receive the credit until the final decree under §
14-844 of this article is entered.

(k) (1) [On] EXCEPT AS PROVIDED IN SUBSECTION (K-l) OF THIS
SECTION, ON or before September 1 of the taxable year in which
the property tax credit under this section is sought, a homeowner
may apply to the Department for a property tax credit under this
section. The application shall be made on the form that the
Department provides.

(2) (i) For good cause, the Department may accept an
application after September 1 but on or before October 31 of the
taxable year.

(ii) For good cause the Department may accept
an application from a homeowner after September 1 but on or
before April 15 of the taxable year if the homeowner:

1.  is at least 70 years old; and

2.  received a credit under this section
for the previous taxable year.

- 3149 -