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PARRIS N. GLENDENING, Governor
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Ch. 281
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the governing body of a county or of a municipal corporation to limit eligibility
for the credit or otherwise provide additional requirements for eligibility or
additional limitations for the tax credit; and generally relating to enabling
authority for counties and municipal corporations to grant certain property tax
credit for credits for real property that is rehabilitated.
BY adding to
Article - Tax - Property
Section 9-236
Annotated Code of Maryland
{1994 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
9-236.
(A) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE GOVERNING
BODY OF A COUNTY OR OF A MUNICIPAL CORPORATION MAY GRANT, BY LAW, A
PROPERTY TAX CREDIT UNDER THIS SECTION AGAINST THE COUNTY OR MUNICIPAL
CORPORATION PROPERTY TAX IMPOSED ON REAL PROPERTY THAT IS
REHABILITATED UNDER REGULATIONS ADOPTED BY THE GOVERNING BODY.
(B) (1) A PROPERTY TAX CREDIT GRANTED UNDER THIS SECTION MAY NOT
EXTEND BEYOND THE FIRST 10 YEARS AFTER THE REHABILITATION IS COMPLETED.
(2) THE AMOUNT OF A TAX CREDIT GRANTED UNDER THIS SECTION MAY
NOT EXCEED THE PROPERTY TAX INCREASE ATTRIBUTABLE TO THE INCREASE IN
THE ASSESSMENT OF THE REAL PROPERTY OVER THE ASSESSMENT BEFORE THE
REAL PROPERTY IS REHABILITATED.
(C) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE GOVERNING
BODY OF A COUNTY OR OF A MUNICIPAL CORPORATION MAY, BY LAW:
(1) SUBJECT TO THE LIMITATIONS UNDER SUBSECTION (B) OF THIS
SECTION, PROVIDE FOR THE AMOUNT AND DURATION OF A PROPERTY TAX CREDIT
GRANTED UNDER THIS SECTION;
(2) LIMIT ELIGIBILITY FOR THE CREDIT TO REAL PROPERTY USED FOR
SPECIFIED PURPOSES OR TO REAL PROPERTY LOCATED IN DESIGNATED
REVITALIZATION AREAS; OR
(3) OTHERWISE PROVIDE ADDITIONAL REQUIREMENTS FOR
ELIGIBILITY OR ADDITIONAL LIMITATIONS FOR A TAX CREDIT GRANTED UNDER THIS
SECTION.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2000.
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Approved May 11, 2000.
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- 1655 -
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