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PARRIS N. GLENDENING, Governor
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Ch. 662
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(4) THE PROPERTY. TAX CREDIT SHALL FIRST APPLY TO THE TAXABLE
YEAR BEGINNING AFTER THE DATE OF THE PURCHASE OF THE ELIGIBLE REAL
PROPERTY.
(5) THE GOVERNING BODY OF PRINCE GEORGE'S COUNTY MAY PROVIDE,
BY LAW, FOR ANY OTHER PROVISION NECESSARY TO CARRY OUT THE PROPERTY TAX
CREDIT UNDER THIS SUBSECTION.
(6) (I) THE COUNTY EXECUTIVE OF PRINCE GEORGE'S COUNTY SHALL
HOLD A PUBLIC HEARING PRIOR TO THE FINAL DESIGNATION OF THE GEOGRAPHIC
AREAS UNDER PARAGRAPH (1) OF THIS SUBSECTION.
(II) DESIGNATION OF GEOGRAPHIC AREAS SHALL BE MADE BY A
RESOLUTION ADOPTED BY THE COUNTY EXECUTIVE AND APPROVED BY THE
COUNTY COUNCIL.
(7) THE PRINCE GEORGE'S COUNTY DEPARTMENT OF FINANCE SHALL
PROVIDE, ON AN ANNUAL BASIS TO THOSE INDIVIDUALS QUALIFYING FOR THE
PROPERTY TAX CREDIT UNDER THIS SUBSECTION, A STATEMENT CERTIFYING
QUALIFICATION FOR THE PROPERTY TAX CREDIT AND THE AMOUNT OF THE
PROPERTY TAX CREDIT BEING GRANTED. THE STATEMENT MAY BE PROVIDED ON OR
WITH THE ANNUAL PROPERTY TAX BILL OR IN ANOTHER MANNER AS CHOSEN BY
THE LOCAL GOVERNMENT.
(8) IN ORDER TO BE ELIGIBLE FOR A PROPERTY TAX CREDIT UNDER
THIS SUBSECTION, AN INDIVIDUAL SHALL APPLY FOR THE CREDIT AT LEAST 6
MONTHS AFTER THE TITLE TO THE RESIDENTIAL PROPERTY HAS BEEN
TRANSFERRED TO THE INDIVIDUAL.
(9) THE PROPERTY TAX CREDIT GRANTED UNDER THIS SUBSECTION
TERMINATES ON THE SALE OF THE PROPERTY.
SECTION 2. AND BE IT FURTHER ENACTED, That on or before October 1,
2002, in accordance with § 2-1246 of the State Government Article, the County
Executive of Prince George's County shall report to the General Assembly on the
impact of this Act on the neighborhoods that are targeted.
SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2000, and shall be applicable to all taxable years for income tax purposes
beginning after December 31, 2000.
Approved May 18, 2000.
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- 3391 -
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