PARRIS N. GLENDENING, Governor                             Ch. 624

Article - Tax - General

8-216.

A FINANCIAL INSTITUTION MAY CLAIM A STATE TAX CREDIT AGAINST THE
FINANCIAL INSTITUTION FRANCHISE TAX PAYABLE UNDER THIS SUBTITLE FOR NEW
OR EXPANDED BUSINESS PREMISES AS PROVIDED UNDER § 9-229(F)(1) OF THE TAX -
PROPERTY ARTICLE.

8-413.

A PUBLIC SERVICE COMPANY MAY CLAIM A STATE TAX CREDIT AGAINST THE
PUBLIC SERVICE COMPANY FRANCHISE TAX PAYABLE UNDER THIS SUBTITLE FOR
NEW OR EXPANDED BUSINESS PREMISES AS PROVIDED UNDER § 9-229(F)(1) OF THE
TAX - PROPERTY ARTICLE

10-704.7.

AN INDIVIDUAL OR A CORPORATION MAY CLAIM A STATE TAX CREDIT
AGAINST THE INCOME TAX FOR NEW OR EXPANDED BUSINESS PREMISES AS
PROVIDED UNDER § 9-229(F)(1) OF THE TAX - PROPERTY ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1997. be applicable to all taxable years beginning after December 31, 1996 but
before January 1, 2006; provided, however, that the tax credits under § 9-229 of the Tax
- Property Article, as enacted by Section 1 of this Act, shall be allowed for property and
business entities that meet the criteria established in § 9-229(c) of the Tax - Property
Article on or after October 1, 1997 but before January 1. 2001; and provided further that
any excess State tax credits under § 9-229(f)(1) of the Tax - Property Article may be
carried forward and, subject to the limitations under § 9-229(f)(3) of the Tax - Property
Article, may be applied as a credit for taxable years beginning on or after January 1, 2003.

SECTION 3. AND BE IT FURTHER ENACTED, That, subject to the provisions
of Section 2 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 May 22, 1997.

CHAPTER 624

(House Bill 38)

AN ACT concerning

Property Tax Credit Tax Credits - Businesses That Create New Jobs

FOR the purpose of authorizing the Mayor and City Council of Baltimore City or the
governing body of a county or municipal corporation to grant, by law, a property tax
credit against the county or municipal corporation property tax imposed on certain

- 3487 -