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Martin O'Malley, Governor
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Ch. 558
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(III) FOR WHICH THE QUALIFIED DISPLACED HOMEOWNER
WAS ELIGIBLE FOR A CREDIT UNDER § 9-105 OF THIS SUBTITLE FOR THE
TAXABLE YEAR IN WHICH THE DWELLING WAS ACQUIRED FOR PUBLIC USE.
(3) "ACQUISITION YEAR" MEANS THE TAXABLE YEAR IN WHICH
AN ACQUIRED DWELLING WAS ACQUIRED FOR PUBLIC USE BY THE STATE OR A
POLITICAL SUBDIVISION OR INSTRUMENTALITY OF THE STATE.
(4) "DWELLING" HAS THE MEANING STATED IN § 9-105 OF THIS
SUBTITLE.
(5) "QUALIFIED DISPLACED HOMEOWNER" MEANS A PROPERTY
OWNER WHO:
(I) QUALIFIED FOR A CREDIT UNDER § 9-105 OF THIS
SUBTITLE FOR AN ACQUIRED DWELLING FOR THE ACQUISITION YEAR; AND
(II) DID NOT RECEIVE COMPENSATION FOR INCREASED
PROPERTY TAXES RESULTING FROM THE LOSS OF THE CREDIT UNDER § 9-105
OF THIS SUBTITLE.
(6) "REPLACEMENT DWELLING" MEANS A DWELLING THAT IS
PURCHASED BY A QUALIFIED DISPLACED HOMEOWNER BY THE END OF THE
TAXABLE YEAR FOLLOWING THE ACQUISITION YEAR.
(7) "TAXABLE ASSESSMENT" HAS THE MEANING STATED IN
§ 9-105 OF THIS SUBTITLE.
(B) THE STATE, A COUNTY, OR A MUNICIPAL CORPORATION SHALL
GRANT MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE GOVERNING
BODY OF A COUNTY OR OF A MUNICIPAL CORPORATION MAY GRANT, BY LAW, A
TAX CREDIT AS PROVIDED IN THIS SECTION AGAINST THE STATE, COUNTY, OR
MUNICIPAL CORPORATION PROPERTY TAX IMPOSED ON A REPLACEMENT
DWELLING.
(C) (1) THE PROPERTY TAX CREDIT UNDER THIS SECTION:
(I) SHALL MAY NOT BE GRANTED FOR MORE THAN 5 YEARS,
BEGINNING WITH THE FIRST TAXABLE YEAR AFTER THE TAXABLE YEAR IN
WHICH THE REPLACEMENT DWELLING WAS PURCHASED; AND
(II) SHALL EQUAL MAY NOT EXCEED THE FOLLOWING
PERCENTAGES OF THE STATE, COUNTY, OR MUNICIPAL CORPORATION
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- 3635 -
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