Ch. 590

1996 LAWS OF MARYLAND

Section 10-707

Annotated Code of Maryland

(1988 Volume and 1995 Supplement)

BY adding to

Article - Tax - Property

Section 9-326

Annotated Code of Maryland

(1994 Replacement Volume and 1995 Supplement)

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

Article - Tax - General

10-707.

(A)    AN INDIVIDUAL MAY CLAIM A CREDIT AGAINST THE STATE INCOME TAX
FOR A TAXABLE YEAR IN THE AMOUNT SPECIFIED IN SUBSECTION (B) OF THIS
SECTION FOR PROPERTY TAX PAID IN THAT TAXABLE YEAR FOR
OWNER-OCCUPIED, RESIDENTIAL REAL PROPERTY THAT IS GRANTED A PROPERTY
TAX CREDIT UNDER § 9-326 OF THE TAX - PROPERTY ARTICLE.

(B)     THE CREDIT SHALL EQUAL THE AMOUNT OF THE PROPERTY TAX CREDIT
GRANTED FOR PROPERTY TAX PAID UNDER § 9-326 OF THE TAX - PROPERTY
ARTICLE.

(C)     IF THE CREDIT ALLOWED UNDER THIS SECTION IN ANY TAXABLE YEAR
EXCEEDS THE STATE INCOME TAX FOR THAT TAXABLE YEAR, CALCULATED BEFORE
APPLICATION OF THE CREDITS UNDER THIS SECTION AND §§ 10-701 AND 10-701.1 OF
THIS SUBTITLE, BUT AFTER APPLICATION OF THE OTHER CREDITS ALLOWABLE
UNDER THIS SUBTITLE, THE EXCESS OF THE CREDIT SHALL BE REFUNDED.

Article - Tax - Property

9-326.

(A)    THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY AND THE
GOVERNING BODY OF BALTIMORE COUNTY SHALL GRANT A PROPERTY TAX
CREDIT AGAINST THE COUNTY PROPERTY TAX IMPOSED ON OWNER-OCCUPIED,
RESIDENTIAL REAL PROPERTY THAT IS PURCHASED FROM JULY 1, 1996 THROUGH
JUNE 30, 1999, IN A GEOGRAPHIC AREA OF BALTIMORE CITY OR BALTIMORE COUNTY
THAT CONTAINS BETWEEN 800 AND 1200 SINGLE-FAMILY DWELLINGS AND THAT IS
DESIGNATED BY THE MAYOR OF BALTIMORE CITY OR THE COUNTY EXECUTIVE OF
BALTIMORE COUNTY, RESPECTIVELY, FOR PARTICIPATION IN A DEMONSTRATION
PROJECT FOR NEIGHBORHOOD PRESERVATION AND STABILIZATION.

(B)    IN ORDER TO QUALIFY FOR THE CREDIT UNDER THIS SECTION,:

(1) FOR THE 12-MONTH PERIOD IMMEDIATELY PRIOR TO PURCHASING
THE PROPERTY, THE INDIVIDUAL'S PRINCIPAL RESIDENCE MAY NOT HAVE BEEN

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