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PARRIS N. GLENDENING, Governor
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Ch. 440
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(i) for the first $3,000,000 of any deficiency, the allocation to the
special fund under subsection (a) of this section as provided under subsections (c) and
(d) of this section for the second fiscal year following the deficiency shall be reduced
by either the amount of the deficiency or $3,000,000, whichever is less; and
(ii) for any deficiency in excess of $3,000,000, the amount in excess
of $3,000,000 shall be reconciled either by the reduction of the allocation to the special
fund under subsection (a) of this section as provided under subsections (c) and (d) of
this section for the second fiscal year following the deficiency or by the
deauthorization of projects authorized in prior fiscal years.
(3) (i) Any amounts to be deauthorized from prior fiscal years under
paragraph (2)(ii) of this subsection shall be proposed by the Governor in the budget of
the second fiscal year following the fiscal year in which there is a deficiency.
(ii) An amount may be deauthorized under this paragraph only as
provided in the State budget bill, as enacted.
SECTION 4. AND BE IT FURTHER ENACTED, That notwithstanding the
provisions of §§ 10-105 and 10-211 of the Tax—General Article or any other provision
of law the State income tax rate and the amount that may be deducted for exemptions
shall remain at the levels in effect on December 31, 2001.
SECTION 5. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:
Article—Tax—General
10-721.
FOR TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 2001 FOR EACH
EXEMPTION THAT AN INDIVIDUAL OTHER THAN A FIDUCIARY MAY DEDUCT UNDER §
10-211(1) OR (2) OF THIS TITLE TO DETERMINE MARYLAND TAXABLE INCOME FOR THE
TAXABLE YEAR, THE INDIVIDUAL MAY CLAIM A CREDIT AGAINST THE COUNTY
INCOME TAX IN AN AMOUNT EQUAL TO THE LESSER OF:
(1) THE PRODUCT OF MULTIPLYING $300 TIMES THE COUNTY INCOME
TAX RATE FOR THE TAXABLE YEAR; OR
(2) THE COUNTY INCOME TAX FOR THE TAXABLE YEAR, DETERMINED
AFTER SUBTRACTING THE CREDITS ALLOWED UNDER § 10-704(C) AND (D) OF THIS
SUBTITLE.
SECTION 6. AND BE IT FURTHER ENACTED, That notwithstanding any
other provision of law, the State contribution to the Maryland State Retirement and
Pension System for all plans except for the Judges' Retirement System established
under Division II of the State Personnel and Pensions Article for fiscal year 2003
shall be $530,520,472. This contribution includes any contributions that the State is
required to make for any participant in any plan including participants who are not
State employees but excluding participants in the Judges' Retirement System.
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- 3573 -
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