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PARRIS N. GLENDENING, Governor Ch. 526
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(2) HOT OR CHILLED WATER FOR SALE THAT IS USED TO HEAT OR COOL
A BUILDING.
(b) Personal property that is machinery or equipment used to generate
electricity OR STEAM for sale DESCRIBED IN SUBSECTION (A) OF THIS SECTION is
subject to county or municipal corporation property tax on:
(1) 75% of its value for the taxable year beginning July 1, 2000; and
(2) 50% of its value for the taxable year beginning July 1, 2001 and each
subsequent taxable year.
8-101.
(c) Personal property is a class of property and is divided into the following
subclasses:
(1) stock in business;
(2) distilled spirits;
(3) operating personal property of a railroad;
(4) operating personal property of a public utility that is machinery or
equipment used to generate electricity OR STEAM FOR SALE;
(5) all other operating personal property of a public utility;
(6) machinery and equipment used to generate electricity OR STEAM ,
other than operating personal property of a public utility; THAT IS USED TO
GENERATE:
(I) ELECTRICITY OR STEAM FOR SALE; OR
(II) HOT OR CHILLED WATER FOR SALE THAT IS USED TO HEAT OR
COOL A BUILDING; and
(7) all other personal property that is directed by this article to be
assessed.
SECTION 2. AND BE IT FURTHER ENACTED, That the changes to the
property tax under Section 1 of this Act shall be applicable to all taxable years
beginning on or after July 1, 2001. The changes to the income tax under Section 1 of
this Act shall be applicable to all taxable years beginning after December 31, 2000;
provided, however, that for steam heating companies, the income tax credit allowed
under § 10-712 of the Tax - General Article shall be allowed only, for property tax paid
for a property tax year beginning on or after July 1, 2001.
SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2000.
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Approved May 18, 2000.
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- 2813 -
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