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Ch. 394
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2000 LAWS OF MARYLAND
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(1) the numerator of the fraction is the number of days in the fiscal year
that the home purchaser actually occupies or expects to actually occupy a dwelling in
which the home purchaser has a legal interest; and
(2) the denominator is 365 days.
(k-1)(l) A home purchaser may apply to the Department for a property tax
credit under this section after THE EXECUTION OF A CONTRACT OF SALE ON THE
DWELLING OR settlement on the dwelling by filing an application on the form that the
Department provides.
(2) The home purchaser shall state under oath that the facts in the
application are true.
(3) lb substantiate the application, the Department may require the
applicant to provide a copy of an income tax return, or other evidence detailing gross
income or net worth.
(4) IF THE HOME PURCHASER FILES AN APPLICATION FOR A CREDIT
UNDER THIS SECTION PRIOR TO SETTLEMENT, THE DEPARTMENT: THE PURCHASER
MUST FILE THIS APPLICATION WITHIN 5 7 WORKING DAYS AFTER THE EXECUTION
OF A CONTRACT OF SALE.
(5) UPON RECEIPT OF AN APPLICATION PRIOR TO SETTLEMENT, THE
DEPARTMENT:
(I) MAY FURTHER REQUIRE THE APPLICANT TO PROVIDE A COPY
OF THE EXECUTED SALE AGREEMENT;
(II) SHALL DETERMINE THE AMOUNT, IF ANY, OF THE CREDIT FOR
WHICH THE HOME PURCHASER IS ELIGIBLE UNDER THIS SECTION; AND
(III) SHALL NOTIFY THE HOME PURCHASER IN WRITING OF ITS
DECISION WITHIN 5 WORKING DAYS FROM RECEIPT OF THE APPLICATION.
(6) THE DEPARTMENT SHALL ADOPT REGULATIONS GOVERNING THE
APPLICATION FOR AND GRANTING OF A CREDIT BEFORE SETTLEMENT AS PROVIDED
UNDER THIS SECTION.
(5) (7) On certification by the Department, the Comptroller shall pay
to the home purchaser the property tax credit due under this section UNLESS THE
CREDIT WAS USED TO ADJUST THE HOME PURCHASER'S FINAL TAX LIABILITY PAID
AT SETTLEMENT UNDER SUBSECTION (P) OF THIS SECTION.
(P) THE FINAL TAX LIABILITY OF A HOME PURCHASER DUE AT SETTLEMENT
SHALL BE ADJUSTED TO REFLECT ANY CREDIT CERTIFIED BY THE DEPARTMENT.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1 June 1, 2000 and shall be applicable to tax credits for all taxable years
beginning after June 30, 2001 2000.
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Approved May 11, 2000.
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- 2150 -
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