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Martin O'Malley, Governor
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Ch. 558
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(4) THE ELIGIBLE HOMESTEAD ASSESSMENT DETERMINED
UNDER PARAGRAPH (3) OF THIS SUBSECTION SHALL BE REDUCED, BUT NOT
BELOW ZERO, BY THE AMOUNT, IF ANY, BY WHICH THE ACQUISITION YEAR
ASSESSMENT OF THE ACQUIRED DWELLING EXCEEDS THE ASSESSMENT OF THE
REPLACEMENT DWELLING FOR THE FIRST TAXABLE YEAR FOR WHICH THE
CREDIT UNDER THIS SECTION IS ALLOWED.
(D) THE DEPARTMENT OF ASSESSMENTS AND TAXATION SHALL ADOPT
REGULATIONS MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE
GOVERNING BODY OF A COUNTY OR MUNICIPAL CORPORATION MAY PROVIDE, BY
LAW, FOR:
(1) THE AMOUNT AND DURATION OF THE PROPERTY TAX CREDIT
UNDER THIS SECTION;
(2) ADDITIONAL ELIGIBILITY CRITERIA FOR THE TAX CREDIT
UNDER THIS SECTION;
(3) REGULATIONS AND PROCEDURES FOR THE APPLICATION AND
UNIFORM PROCESSING OF REQUESTS FOR THE TAX CREDIT; AND
(4) ANY OTHER PROVISION NECESSARY TO CARRY OUT THIS
SECTION.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2007, and shall be applicable to all taxable years beginning after June 30,
2007.
Approved by the Governor, May 17, 2007.
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CHAPTER 559
(House Bill 755)
AN ACT concerning
Property Tax Credit - Replacement Home Purchased After Acquisition of
Dwelling for Public Use
FOR the purpose of providing for a tax credit against the State, county, and municipal
corporation authorizing the Mayor and City Council of Baltimore City or the
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- 3637 -
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