PARRIS N. GLENDENING, Governor                          H.B. 1154

10-403 of the Tax General Article as enacted under § 5 of this Act if the financial
institution is a commercial bank, savings bank, trust company, or company that
substantially competes with national banks in the State. December 31, 1997.

SECTION 15. AND BE IT FURTHER ENACTED, That:

(1) The Employment Opportunity Credit provided under § 10-702.1 of the
Tax General Article as enacted under Section 6 of this Act shall take effect July 1, 1995
and shall be applicable to all taxable years beginning after December 31, 1994 but before
January 1, 2002; provided, however, that the credit under § 10-702.1 Article 88A, § 56 of
the Code shall be allowed only for employees hired on or after June 1, 1995 but before
June 30, 1998; and provided further that any excess credits under § 10-702.1 Article 88A,
§ 56 of the Code may be carried forward and, subject to the limitations under § 10-702.1(f)
Article 88A, § 56 of the Code, may be applied as a credit against the State income tax for
taxable years beginning on or after January 1, 2002;

(2) The credit for clean fuel vehicles provided under § 10-704.2 of the Tax
General Article as enacted under Section 6 of this Act shall be applicable to all taxable
years beginning after December 31, 1994 but before January 1, 1998; and

(3) Except as otherwise provided in this section, Section 6 of this Act shall
remain effective for a period of 3 years and, at the end of June 30, 1998, with no further
action required by the General Assembly, Section 6 of this Act shall be abrogated and of
no further force and effect.

SECTION 16. AND BE IT FURTHER ENACTED, That Section 7 of this Act shall
take effect July 1, 1995 and shall be applicable to all taxable years beginning after December
31, 1994 but before January 1, 1998; provided, however, that the credit under § 10-704.3 of the
Tax - General Article shall be allowed only with respect to property placed in service on or
after July 1, 1995. Section 7 of this Act shall remain effective for a period of 3 years and, at the
end of June 30, 1998, with no further action required by the General Assembly, Section 7 of
this Act shall be abrogated and of no further force and effect.

SECTION 16. AND BE IT FURTHER ENACTED, That Section 7 of this Act shall
take effect January 1, 1997.

SECTION 17. AND BE IT FURTHER ENACTED, That the Department of
Assessments and Taxation shall determine the effect the personal property tax on banks
imposed under Section 2 of this Act has on local government revenues. The Department of
Assessments and Taxation shall provide this information in a report which shall include an
estimate of the revenues foregone due to the exemption granted for certain computer equipment
under Section 2 of this Act. The report shall be provided to the Senate Budget and Taxation
Committee and the House Committee on Ways and Means by October 1, 1997.

SECTION 17. SECTION 18. AND BE IT FURTHER ENACTED, That the provisions
of Sections 1 and 8 of this Act concerning the Citizen Tax Reduction and Fiscal Reserve
Account shall take effect June 1, 1995.

SECTION 19. AND BE IT FURTHER ENACTED, That, except as provided in
Sections 10 through 16 18 of this Act, this Act shall take effect July 1, 1995.

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