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PARRIS N. GLENDENING, Governor
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Ch. 662
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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 phase-out of the credit;
specifying the taxable year in which the tax credit is first applicable; requiring
the County Executive of Prince George's County to hold a public hearing prior to
final designation of eligible areas; providing for the method of and criteria for
selection of geographic areas eligible to receive the credit; providing for the
termination of the property tax credit on the sale of the property; providing for
the applicability of this Act; 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 9-318(d)
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
that taxable year for owner-occupied, residential real property that is granted a
property tax credit under § 9-318(D) OR § 9-326 of the Tax - Property Article.
(b) The credit shall equal the amount of the property tax credit granted for
property tax paid under § 9-318(D) OR § 9-326 of the Tax - Property Article.
Article - Tax - Property
9-318.
(D) (1) THE GOVERNING BODY OF PRINCE GEORGE'S COUNTY MAY GRANT,
BY LAW, A PROPERTY TAX CREDIT AGAINST THE COUNTY PROPERTY TAX IMPOSED
ON OWNER-OCCUPIED, RESIDENTIAL REAL PROPERTY THAT IS PURCHASED FROM
JULY 1, 2000 THROUGH JUNE 30, 2002, SPECIFIC TO TWO GEOGRAPHIC AREAS OF
PRINCE GEORGE'S COUNTY THAT:
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- 3389 -
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