MD
Maryland House Bill HB740

Maryland 2024 Regular Session

Maryland House Bill HB740 Compare Versions

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33 EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
44 [Brackets] indicate matter deleted from existing law.
5- Underlining indicates amendments to bill.
6- Strike out indicates matter stricken from the bill by amendment or deleted from the law by
7-amendment.
85 *hb0740*
96
107 HOUSE BILL 740
118 Q2 4lr1997
12- CF SB 769
9+ CF 4lr3432
1310 By: Frederick County Delegation
1411 Introduced and read first time: January 31, 2024
1512 Assigned to: Ways and Means
16-Committee Report: Favorable
17-House action: Adopted
18-Read second time: March 3, 2024
1913
20-CHAPTER ______
14+A BILL ENTITLED
2115
2216 AN ACT concerning 1
2317
2418 Frederick County – Property Tax Credit for Property Located in Historic 2
2519 District – Alterations 3
2620
2721 FOR the purpose of repealing certain requirements for the amount and duration of a tax 4
2822 credit against the property tax imposed on certain improved real property owned by 5
2923 a certain civic association and located in a historic district in Frederick County; 6
3024 authorizing the governing body of Frederick County to provide, by law, for the 7
3125 amount and duration of the credit and certain other matters relating to the credit; 8
3226 and generally relating to a property tax credit in Frederick County for real property 9
3327 located in a historic district. 10
3428
3529 BY repealing and reenacting, with amendments, 11
3630 Article – Tax – Property 12
3731 Section 9–312(b) 13
3832 Annotated Code of Maryland 14
3933 (2019 Replacement Volume and 2023 Supplement) 15
4034
4135 SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 16
4236 That the Laws of Maryland read as follows: 17
4337
4438 Article – Tax – Property 18
4539
4640 9–312. 19
4741
48- (b) (1) The governing body of Frederick County shall grant a property tax 20 2 HOUSE BILL 740
42+ (b) (1) The governing body of Frederick County shall grant a property tax 20
43+credit under this section against the county tax imposed on: 21
44+
45+ (i) real property that is owned by the Emmitsburg Civic Association, 22
46+Incorporated; and 23
47+
48+ (ii) real property on which an improvement is made to an existing 24 2 HOUSE BILL 740
4949
5050
51-credit under this section against the county tax imposed on: 1
51+structure that is located in a historic district. 1
5252
53- (i) real property that is owned by the Emmitsburg Civic Association, 2
54-Incorporated; and 3
53+ (2) [A property tax credit granted under paragraph (1)(ii) of this subsection 2
54+shall be: 3
5555
56- (ii) real property on which an improvement is made to an existing 4
57-structure that is located in a historic district. 5
56+ (i) the following percentage of the increase that is due to the 4
57+improvement: 5
5858
59- (2) [A property tax credit granted under paragraph (1)(ii) of this subsection 6
60-shall be: 7
59+ 1. 100% of the increase in the assessment of the real property 6
60+in the 1st and 2nd taxable years that the improved structure is subject to the county 7
61+property tax; 8
6162
62- (i) the following percentage of the increase that is due to the 8
63-improvement: 9
63+ 2. 80% of the increase in the assessment of the real property 9
64+in the 3rd taxable year that the improved structure is subject to the county property tax; 10
6465
65- 1. 100% of the increase in the assessment of the real property 10
66-in the 1st and 2nd taxable years that the improved structure is subject to the county 11
67-property tax; 12
66+ 3. 60% of the increase in the assessment of the real property 11
67+in the 4th taxable year that the improved structure is subject to the county property tax; 12
68+and 13
6869
69- 2. 80% of the increase in the assessment of the real property 13
70-in the 3rd taxable year that the improved structure is subject to the county property tax; 14
70+ 4. 40% of the increase in the assessment of the real property 14
71+in the 5th taxable year that the structure is subject to the county property tax; and 15
7172
72- 3. 60% of the increase in the assessment of the real property 15
73-in the 4th taxable year that the improved structure is subject to the county property tax; 16
74-and 17
73+ (ii) ended after the 5th taxable year that the improved structure is 16
74+subject to county property tax] THE GOVERNING BODY OF FREDERICK COUNTY MAY 17
75+PROVIDE, BY LAW, FOR: 18
7576
76- 4. 40% of the increase in the assessment of the real property 18
77-in the 5th taxable year that the structure is subject to the county property tax; and 19
77+ (I) THE AMOUNT AND DURAT ION OF THE TAX CREDI T UNDER 19
78+THIS SUBSECTION; 20
7879
79- (ii) ended after the 5th taxable year that the improved structure is 20
80-subject to county property tax] THE GOVERNING BODY OF FREDERICK COUNTY MAY 21
81-PROVIDE, BY LAW, FOR: 22
80+ (II) ADDITIONAL ELIGIBILI TY CRITERIA FOR THE TAX CREDIT 21
81+UNDER THIS SUBSECTION; 22
8282
83- (I) THE AMOUNT AND DURAT ION OF THE TAX CREDI T UNDER 23
84-THIS SUBSECTION; 24
83+ (III) REGULATIONS AND PROC EDURES FOR THE APPLI CATION 23
84+AND UNIFORM PROCESSI NG OF REQUESTS FOR THE TAX CREDIT; AND 24
8585
86- (II) ADDITIONAL ELIGIBILI TY CRITERIA FOR THE TAX CREDIT 25
87-UNDER THIS SUBSECTION; 26
86+ (IV) ANY OTHER PROVISION NECESSARY TO CARRY O UT THE 25
87+CREDIT UNDER THIS SUBSECTION. 26
8888
89- (III) REGULATIONS AND PROC EDURES FOR THE APPLI CATION 27
90-AND UNIFORM PROCESSI NG OF REQUESTS FOR T HE TAX CREDIT; AND 28
91-
92- (IV) ANY OTHER PROVISION NECESSARY TO CARRY O UT THE 29
93-CREDIT UNDER THIS SUBSECTION. 30
94-
95- SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect June 31
96-1, 2024, and shall be applicable to all taxable years beginning after June 30, 2024. 32
89+ SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect June 27
90+1, 2024, and shall be applicable to all taxable years beginning after June 30, 2024. 28