H.B. 1258                                                 VETOES

SECTION 5. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1993.

May 27, 1993

The Honorable R. Clayton Mitchell, Jr.
Speaker of the House of Delegates
State House
Annapolis, Maryland 21401

Dear Mr. Speaker:                                                                                                       

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed House Bill 1258.                                                                

This bill would authorize the governing body of a municipal corporation or county to
grant a property tax credit for personal property of a "qualifying company" used primarily
for research and development.                                                                        

Senate Bill 661, which was passed by the General Assembly and signed by me on May 27,
1993, accomplishes the same purpose. Therefore, it is not necessary for me to sign House

Bill 1258.

Sincerely,

William Donald Schaefer

Governor                                                                                                   

House Bill No. 1258

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, certain, terms a term; providing for the effective date of the
exemption; a the credit authorized under this Act; specifying that a municipal
corporation or county may establish further limitations on the credit authorized
under this Act; 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

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