Ch. 128 1995 LAWS OF MARYLAND
(B) (1) ALL MACHINERY, EQUIPMENT, MATERIALS, AND SUPPLIES ARE SUBJECT
TO A PARTIAL EXEMPTION FROM PROPERTY TAX IF CONSUMED IN OR USED PRIMARILY
IN RESEARCH AND DEVELOPMENT.
(2) THE PARTIAL EXEMPTION GRANTED UNDER THIS SUBSECTION:
(I) IS EQUAL TO THE ASSESSMENT OF THE PROPERTY IN EXCESS OF
50% OF THE ORIGINAL COST OF THE PROPERTY; AND
(II) SHALL APPLY ONLY TO PROPERTY PURCHASED OR TRANSFERRED
INTO THE STATE AFTER DECEMBER 31, 1994. '
(C) (1) IN ADDITION TO THE PARTIAL EXEMPTION GRANTED UNDER.
SUBSECTION (B) OF THIS SECTION, THE GOVERNING BODY OF A MUNICIPAL
CORPORATION OR COUNTY MAY PROVIDE, BY LAW,' AN EXEMPTION FROM COUNTY OR
MUNICIPAL CORPORATION PROPERTY TAX IMPOSED ON ALL MACHINERY, EQUIPMENT,
MATERIALS, AND SUPPLIES IF CONSUMED IN OR USED PRIMARILY IN RESEARCH AND
DEVELOPMENT
(2) THE GOVERNING BODY OF THE MUNICIPAL CORPORATION OR COUNTY
MAY PROVIDE, BY LAW:
(I) FOR THE AMOUNT OF THE PROPERTY TAX EXEMPTION UNDER
THIS SUBSECTION; AND
(II) FOR THE APPLICATION OF THE EXEMPTION. TO PROPERTY
PURCHASED OR TRANSFERRED INTO THE STATE ON OR BEFORE DECEMBER 31, 1994, AS
WELL AS TO PROPERTY ELIGIBLE FOR THE PARTIAL EXEMPTION UNDER SUBSECTION (B)
OF THIS SECTION.
(3) THE GOVERNING BODY OF A MUNICIPAL CORPORATION OR COUNTY
THAT ENACTS AN EXEMPTION UNDER THIS SUBSECTION SHALL SUBMIT A COPY OF THE
LAW TO THE DEPARTMENT
(4) IF THE DEPARTMENT RECEIVES A COPY OF THE LAW ON OR BEFORE
MARCH 1, THE EXEMPTION SHALL BE EFFECTIVE FOR THE TAXABLE YEAR FOLLOWING
THE DATE THE LAW IS ENACTED.
SECTION 3. AND BE IT FURTHER ENACTED, That Section(s) 9-223 of Article -
Tax - Property of the Annotated Code of Maryland be repealed.
SECTION 2. 4. AND BE IT FURTHER ENACTED, That notwithstanding any
other provision of law, for Fiscal Year 1996, the Governor shall transfer:
(a) $50,000,000 of funds from the Dedicated Purpose Account established under §
7-310 of the State Finance and Procurement Article to the Revenue Stabilization
Account established under § 7-311 of the State Finance and Procurement Article; and
(b) $200,000,000 $190,000,000 of funds from the Revenue Stabilization Account
established under § 7-311 of the State Finance and Procurement Article to the Citizen
Tax Reduction and Fiscal Reserve Account established under § 7-310.1 of the State
Finance and Procurement Article as enacted under Section 1 of this Act.
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