Ch. 402                                     1993 LAWS OF MARYLAND

CHAPTER 402
(Senate Bill 661)

AN ACT concerning

Personal Property Tax - Research and Development - Exemption Tax Credit

FOR the purpose of authorizing the governing body of a municipal corporation or county
to exempt grant, by law, a property tax credit for certain personal property
consumed in or used primarily for research and development from valuation and
property tax; defining a term; providing for the effective date of the exemption
credit; requiring the Department of Assessments and Taxation to adopt certain
regulations; repealing the a certain property tax credit that may be granted in
connection with certain personal property used in a research or testing facility;
requiring the Department of Assessments and Taxation and the Department of
Employment and Economic Development, in consultation with the Maryland
Association of Counties and the Maryland Municipal League, to complete a certain
study; and generally relating to tax on. personal property used in research and
development.

BY adding to

Article - Tax - Property

Section 7-236 9-223

Annotated Code of Maryland

(1986 Volume and 1992 Supplement)

BY repealing

Article - Tax - Property

Section 9-210

Annotated Code of Maryland

(1986 Volume and 1992 Supplement)

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

Article - Tax - Property

7-236. 9-223.

(A) (1) IN THIS SECTION; "RESEARCH AND DEVELOPMENT" MEANS:

(I)      BASIC AND APPLIED RESEARCH IN THE SCIENCES AND
ENGINEERING; AND

(II)     THE DESIGN, DEVELOPMENT, . AND GOVERNMENTALLY
REQUIRED PRE-MARKET TESTING OF PROTOTYPES, PRODUCTS, AND PROCESSES.

(2) "RESEARCH AND DEVELOPMENT" DOES NOT INCLUDE:

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