Ch. 114

1997 LAWS OF MARYLAND

the tax credit program established under Section 1 of this Act in increasing the
employment and prospects for self-sufficiency of the target population, including an
analysis of the profile of employers having taken advantage of these tax credits in hiring
new employees, the cost effectiveness of the subsidy in reaching State goals, and the
appropriateness of the level of the tax credits. The study shall also include an analysis of
the potential effectiveness of the program based on varying the size, duration, and
structure of the subsidy. The Department shall complete and present the results of the
study to the Senate Budget and Taxation Committee and the House Committee on Ways
and Means by December 1, 1999.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall be
applicable to all taxable years beginning after December 31, 1996 but before January 1,
2003; provided, however, that the tax credit under § 21-309 of the Education Article, as
enacted under Section 1 of this Act, shall be allowed only for employees hired on or after
October 1, 1997 but before January 1, 2001; and provided further that any excess credits
under § 21-309 of the Education Article may be carried forward and, subject to the
limitations under § 21-309 of the Education Article, may be applied as a credit for taxable
years beginning on or after January 1, 2003.

SECTION 5. AND BE IT FURTHER ENACTED, That Section 2 of this Act
shall take effect on the taking effect of the termination provision specified in Section 3 of
Chapter 492 of the Acts of the General Assembly of 1995. If that termination provision
takes effect, §§ 10-205(b) and 10-306(b)(l) of the Tax - General Article as enacted by
Section 1 of this Act shall be void. This Act may not be interpreted to have any effect on
that termination provision.

SECTION 6. AND BE IT FURTHER ENACTED, That, subject to the provisions
of Section 4 of this Act, this Act shall take effect October 1, 1997. It shall remain in effect
for a period of 3 years and 3 months and at the end of December 31, 2000, with no further
action required by the General Assembly, this Act shall be abrogated and of no further
force and effect.

Approved April 29, 1997.

CHAPTER 114
(Senate Bill 113)

AN ACT concerning

Public Institutions of Higher Education - Renaming

FOR the purpose of altering the names of the University of Maryland System and certain
constituent institutions and centers under the jurisdiction of the Board of Regents.

BY repealing and reenacting, with amendments,
Article - Education

Section 12-101 to be under the amended title "Title 12. University System of
Maryland"

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