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PARRIS N. GLENDENING, Governor
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Ch. 493
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3. 10% for the taxable year beginning after June 30, 2009;
and
4. 0% for all taxable years thereafter.
(4) Owners of newly constructed dwellings or first purchased
dwellings may qualify for the tax credit authorized by this subsection by:
(i) purchasing a newly constructed dwelling or first purchased
dwelling;
(ii) occupying the newly constructed dwelling or first purchased
dwelling as their principal residence;
(iii) filing a State income tax return during the period of the tax
credit as a resident of Baltimore City; and
(iv) satisfying other requirements as may be provided by the Mayor
and City Council of Baltimore City.
(6) (5) The Mayor and City Council of Baltimore City may provide for
procedures necessary and appropriate for the submission of an application for and the
granting of a property tax credit under this subsection, including procedures for
granting partial credits for eligibility for less than a full taxable year.
(7) (6) The estimated amount of all tax credits received by owners
under this subsection in any fiscal year shall be reported by the Director of Finance of
Baltimore City as a "tax expenditure" for that fiscal year and shall be included in the
publication of the City's budget for any subsequent fiscal year with the estimated or
actual City property tax revenue for the applicable fiscal year.
(8) (7) (i) After June 30, [2002] 2005, additional owners of newly
constructed dwellings or first purchased dwellings may not be granted a credit under
this subsection.
(ii) This paragraph does not apply to an owner's continuing receipt
of a credit as allowed in paragraph (3) of this subsection, with respect to a property for
which a tax credit under this subsection was received for a taxable year ending on or
before June 30, [2002] 2005.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2002.
Approved May 16, 2002.
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- 3885 -
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