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Ch. 653
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2000 LAWS OF MARYLAND
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CHAPTER 653
(House Bill 918)
AN ACT concerning
Montgomery County - Property Tax and Income Taxes - Neighborhood
Stabilization Credits
MC 17-00
FOR the purpose of authorizing the governing body of Montgomery County to grant,
by law, a property tax credit against county property tax imposed on certain
owner-occupied, residential real property; allowing certain property owners a
credit against State income tax for certain property tax paid; providing for the
eligibility criteria for the credit; providing for the phaseout of the credit",
specifying the taxable year in which the tax credit is first applicable; requiring
the County Executive of Montgomery County to hold a public hearing prior to
final designation of eligible areas; requiring approval by a municipality's
governing body of a designated geographic area located within the municipality;
providing that the tax credit granted under this Act terminates on the sale of the
property granted the credit; authorizing the new property owner to apply for the
property tax credit and be granted the tax credit if certain conditions are met;
providing for the method of selection for geographic areas eligible to receive the
credit; providing for the applicability of this Act; defining a certain term; and
generally relating to credits against certain county property taxes and the State
income tax for property tax paid for certain residential real property.
BY repealing and reenacting, with amendments,
Article - Tax - General
Section 10-707(a) and (b)
Annotated Code of Maryland
(1997 Replacement Volume and 1999 Supplement)
BY adding to
Article - Tax - Property
Section 9-317(e)
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 - General
10-707.
(a) An individual may claim a credit against the State income tax for a taxable
year in the amount specified in subsection (b) of this section for property tax paid in
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