H.B. 1154                                                VETOES

altering the calculation of the county income tax; altering a certain tax rate under
the Maryland income tax on individuals for certain taxable years; creating a Task
Force to Review the State's Revenue and Tax Structure; specifying the composition,
powers, and duties of the Task Force; requiring the Task Force to report its findings
and recommendations by a certain date; providing for the application of this Act;
providing for the termination of part of this Act; providing for the application of this
Act; and generally relating to the Maryland income tax and the Task Force to
Review the State's Revenue and Tax Structure.

FOR the purpose of establishing the Citizen Tax Reduction and Fiscal Reserve Account
as a continuing, nonlapsing fund in the State Reserve Fund to retain State revenues
for certain purposes; requiring the Governor to include proposed appropriations a
proposed appropriation to the Account in certain amounts in certain budget bills a
certain amount in a certain budget bill; requiring the Governor to submit with certain
budget bills certain reports concerning federal aid reductions certain federal actions;
providing that money may be transferred from the Account only under certain
circumstances; altering the computation of the sales and use tax for sales made
through vending machines: exempting from the sales and use tax the printing and
sale of newspapers that are sold through vending machines; exempting from the
sales and use tax certain leases of motor vehicles; extending a termination provision
applicable to certain provisions relating to the sales and use taxation of short-term
rentals of passenger cars, multipurpose vehicles, and trucks; altering the
applicability of a certain exemption under the property tax for personal property
owned by a financial institution; exempting from property tax certain computer
programs and computer hardware owned by certain persons; granting a partial
property tax exemption for certain personal property consumed in or used primarily
in research and development; repealing a certain property tax credit that may be
granted in connection with certain personal property used in research and
development; authorizing the governing body of a municipal corporation or county to
provide a certain exemption for certain property consumed in or used primarily in
research and development; allowing certain financial institutions a subtraction
modification for certain taxable years for a certain percentage of certain addition
modifications under the financial institution franchise tax; altering the definition of
"financial institution" under the financial institution franchise tax to exclude certain
persons from the tax; providing for the allocation and apportionment under the
corporate income tax of the income of certain corporations carrying on a trade or
business in and out of the State: allowing a credit against the State income tax for
certain taxpayers for the cost of purchase of alternative-fuel and electric vehicles
and for certain property installed on a vehicle for the purposes of permitting the
vehicle to be propelled by certain alternative fuels; limiting the amount of the credit
and the vehicles for which the credit is allowed; allowing a credit against the State
income tax, financial institution franchise tax, and public service company franchise tax
for certain wages paid and certain child care expenses incurred by a business entity
with respect to certain employees; providing for calculation of the credit; requiring
certain addition modifications if a certain credit is claimed; repealing an exception
for certain snack food to a certain exemption under the sales and use tax;
authorizing the Governor to transfer to the Fiscal Reserve Account for a certain
fiscal year certain funds from the Dedicated Purpose Account and the Revenue

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