WILLIAM DONALD SCHAEFER, Governor Ch. 786

BY adding to

Article - Tax - Property

Section 9-108

Annotated Code of Maryland

(1986 Volume and 1988 Supplement)

BY repealing and reenacting, with amendments,

Article - Tax Property

Section 7-230

Annotated Code of Maryland

(1986 Volume and 1988 Supplement)

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

Article - Tax - Property

9-108.

(A) THE GOVERNING BODY OF A COUNTY OR MUNICIPAL CORPORATION
SHALL GRANT A PROPERTY TAX CREDIT UNDER THIS SECTION AGAINST THE
APPLICABLE COUNTY OR MUNICIPAL PROPERTY TAX IMPOSED ON VEHICLES
THAT ARE PART OF THE VALUED AS STOCK IN BUSINESS OF A PERSON
ENGAGED IN A COMMERCIAL ENTERPRISE IN AN AMOUNT EQUAL TO:

(1) FOR THE TAXABLE YEAR BEGINNING JULY 1, 1989,
ONE-THIRD 25% OF THE TAX IMPOSED ON THOSE VEHICLES; AND

(2) FOR THE TAXABLE YEAR BEGINNING JULY 1, 1990,
TWO-THIRDS 50% 25% OF THE TAX IMPOSED ON THOSE VEHICLES.
VEHICLES; AND

(3) (2) FOR THE TAXABLE YEAR BEGINNING JULY 1, 1991,
75% AND EACH TAXABLE YEAR THEREAFTER, 50% OF THE TAX IMPOSED ON
THOSE VEHICLES.

(B) IN ADDITION TO ANY CREDIT REQUIRED UNDER SUBSECTION (A)
OF THIS SECTION, THE GOVERNING BODY OF A COUNTY OR MUNICIPAL
CORPORATION SHALL GRANT A PROPERTY TAX CREDIT UNDER THIS SECTION
AGAINST THE APPLICABLE COUNTY OR MUNICIPAL PROPERTY TAX IMPOSED
ON VEHICLES VALUED AS STOCK IN BUSINESS IN AN AMOUNT EQUAL TO ANY
INCREASE IN PROPERTY TAX RESULTING FROM AN INCREASE IN THE
PERCENT OF ASSESSMENT OVER THE PERCENT OF ASSESSMENT WHICH WAS IN
EFFECT FOR FISCAL YEAR 1989.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

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