Ch. 624

1997 LAWS OF MARYLAND

real property and personal property; providing for the eligibility criteria for the
property tax credit including requirements for the construction, expansion, or lease
of a certain minimum number of square feet on which the business entity conducts
its business and the creation of a certain minimum number of new permanent
full-time positions; prohibiting the property tax credit to be granted under certain
circumstances; providing for the computation of the property tax credit; requiring a
certain notification; requiring certain lessors to reduce a certain liability of certain
lessees; authorizing requiring the governing body of the county or municipal
corporation to provide, by law, for certain other provisions to implement the
property tax credit; requiring the State to reimburse a county or municipal
corporation for certain amounts in a certain manner; granting a State tax credit
against the individual or corporate income tax, insurance premium tax, financial
institution franchise tax, or the public service franchise tax, under certain conditions;
providing for the computation of certain State tax credits: prohibiting the application of
a certain State tax credit more than once; providing for the carryover of certain excess
State tax credits; requiring the adoption of certain regulations; defining certain terms;
and generally relating to a property tax credit for certain property-owned or leased
by providing for the application and termination of this Act; and generally relating to
certain tax credits for certain businesses that create new jobs.

BY adding to

Article - Tax - Property

Section 9-229

Annotated Code of Maryland

(1994 Replacement Volume and 1996 Supplement)

BY adding to

Article - Insurance

Section 6-115

Annotated Code of Maryland

(1995 Volume and 1996 Supplement)

(As enacted by Chapter 36 of the Acts of the General Assembly of 1995)

BY adding to

Article - Tax - General
Section 8-216, 8-413, and 10-704.7
Annotated Code of Maryland
(1988 Volume and 1996 Supplement)

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

Article - Tax - Property

9-229.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

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