Maryland 2024 Regular Session

Maryland Senate Bill SB340 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	sb0340
6	6
7	7	SENATE BILL 340
8	8	Q1 4lr1600
9	9	CF 4lr1714
10	10	By: Senator King
11	11	Introduced and read first time: January 12, 2024
12	12	Assigned to: Budget and Taxation
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Property Tax – Credit to Offset Increases in Local Tax Revenue 2
19	19
20	20	FOR the purpose of authorizing Baltimore City, a county, or a municipal corporation to 3
21	21	grant the property tax credit to offset increases in local income tax revenues to the 4
22	22	owner–occupied property of a homeowner for certain taxable years whether or not 5
23	23	the homeowner has an application for the homestead property tax credit on file with 6
24	24	the State Department of Assessments and Taxation, notwithstanding a certain 7
25	25	provision of law; and generally relating to the property tax credit to offset increases 8
26	26	in local income tax revenues. 9
27	27
28	28	BY repealing and reenacting, without amendments, 10
29	29	Article – Tax – Property 11
30	30	Section 9–221 12
31	31	Annotated Code of Maryland 13
32	32	(2019 Replacement Volume and 2023 Supplement) 14
33	33
34	34	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 15
35	35	That the Laws of Maryland read as follows: 16
36	36
37	37	Article – Tax – Property 17
38	38
39	39	9–221. 18
40	40
41	41	(a) The Mayor and City Council of Baltimore or the governing body of a county or 19
42	42	municipal corporation may grant, by law, a property tax credit against the county or 20
43	43	municipal corporation property tax imposed on real property in order to offset in whole or 21
44	44	in part increases in the county or municipal corporation income tax revenues resulting from 22
45	45	a county income tax rate in excess of 2.6%. 23
46	46
47	47	(b) The credit granted under this section is available only to the owner–occupied 24
48	48	property of a homeowner as defined in § 9–105 of this title if the homeowner has an 25 2 SENATE BILL 340
49	49
50	50
51	51	application for the homestead property tax credit under § 9–105 of this title on file with the 1
52	52	Department. 2
53	53
54	54	(c) The Mayor and City Council of Baltimore or the governing body of a county or 3
55	55	municipal corporation may provide by law for: 4
56	56
57	57	(1) the amount of a property tax credit under this section; and 5
58	58
59	59	(2) any other provisions necessary to carry out this section. 6
60	60
61	61	SECTION 2. AND BE IT FURTHER ENACTED, That: 7
62	62
63	63	(a) For a taxable year beginning after June 30, 2022, but before July 1, 2025, 8
64	64	notwithstanding the requirement under § 9–221(b) of the Tax – Property Article, Baltimore 9
65	65	City, a county, or a municipal corporation may grant the tax credit under § 9–221 of the 10
66	66	Tax – Property Article to the owner–occupied property of a homeowner as defined in § 11
67	67	9–105 of the Tax – Property Article whether or not the homeowner had or has an application 12
68	68	for the homestead property tax credit under § 9–105 of the Tax – Property Article on file 13
69	69	with the State Department of Assessments and Taxation. 14
70	70
71	71	(b) Baltimore City, a county, or a municipal corporation may adopt a law, 15
72	72	regulation, procedure, or any other provision necessary to carry out the authority granted 16
73	73	by this section. 17
74	74
75	75	SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect June 18
76	76	1, 2024. 19
77	77