MD
Maryland Senate Bill SB769

Maryland 2024 Regular Session

Maryland Senate Bill SB769 Compare Versions

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1- WES MOORE, Governor Ch. 966
21
3-– 1 –
4-Chapter 966
5-(Senate Bill 769)
62
7-AN ACT concerning
3+EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4+ [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.
8+ *sb0769*
89
9-Frederick County – Property Tax Credit for Property Located in Historic
10-District – Alterations
10+SENATE BILL 769
11+Q2 4lr3432
12+ CF HB 740
13+By: Frederick County Senators
14+Introduced and read first time: February 1, 2024
15+Assigned to: Budget and Taxation
16+Committee Report: Favorable
17+Senate action: Adopted
18+Read second time: February 26, 2024
1119
12-FOR the purpose of repealing certain requirements for the amount and duration of a tax
13-credit against the property tax imposed on certain improved real property owned by
14-a certain civic association and located in a historic district in Frederick County;
15-authorizing the governing body of Frederick County to provide, by law, for the
16-amount and duration of the credit and certain other matters relating to the credit;
17-and generally relating to a property tax credit in Frederick County for real property
18-located in a historic district.
20+CHAPTER ______
1921
20-BY repealing and reenacting, with amendments,
21- Article – Tax – Property
22-Section 9–312(b)
23- Annotated Code of Maryland
24- (2019 Replacement Volume and 2023 Supplement)
22+AN ACT concerning 1
2523
26- SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
27-That the Laws of Maryland read as follows:
24+Frederick County – Property Tax Credit for Property Located in Historic 2
25+District – Alterations 3
2826
29-Article – Tax – Property
27+FOR the purpose of repealing certain requirements for the amount and duration of a tax 4
28+credit against the property tax imposed on certain improved real property owned by 5
29+a certain civic association and located in a historic district in Frederick County; 6
30+authorizing the governing body of Frederick County to provide, by law, for the 7
31+amount and duration of the credit and certain other matters relating to the credit; 8
32+and generally relating to a property tax credit in Frederick County for real property 9
33+located in a historic district. 10
3034
31-9–312.
35+BY repealing and reenacting, with amendments, 11
36+ Article – Tax – Property 12
37+Section 9–312(b) 13
38+ Annotated Code of Maryland 14
39+ (2019 Replacement Volume and 2023 Supplement) 15
3240
33- (b) (1) The governing body of Frederick County shall grant a property tax
34-credit under this section against the county tax imposed on:
41+ SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 16
42+That the Laws of Maryland read as follows: 17
3543
36- (i) real property that is owned by the Emmitsburg Civic Association,
37-Incorporated; and
44+Article – Tax – Property 18
3845
39- (ii) real property on which an improvement is made to an existing
40-structure that is located in a historic district.
46+9–312. 19
4147
42- (2) [A property tax credit granted under paragraph (1)(ii) of this subsection
43-shall be:
48+ (b) (1) The governing body of Frederick County shall grant a property tax 20 2 SENATE BILL 769
4449
45- (i) the following percentage of the increase that is due to the
46-improvement:
4750
48- 1. 100% of the increase in the assessment of the real property
49-in the 1st and 2nd taxable years that the improved structure is subject to the county Ch. 966 2024 LAWS OF MARYLAND
51+credit under this section against the county tax imposed on: 1
5052
51-– 2 –
52-property tax;
53+ (i) real property that is owned by the Emmitsburg Civic Association, 2
54+Incorporated; and 3
5355
54- 2. 80% of the increase in the assessment of the real property
55-in the 3rd taxable year that the improved structure is subject to the county property tax;
56+ (ii) real property on which an improvement is made to an existing 4
57+structure that is located in a historic district. 5
5658
57- 3. 60% of the increase in the assessment of the real property
58-in the 4th taxable year that the improved structure is subject to the county property tax;
59-and
59+ (2) [A property tax credit granted under paragraph (1)(ii) of this subsection 6
60+shall be: 7
6061
61- 4. 40% of the increase in the assessment of the real property
62-in the 5th taxable year that the structure is subject to the county property tax; and
62+ (i) the following percentage of the increase that is due to the 8
63+improvement: 9
6364
64- (ii) ended after the 5th taxable year that the improved structure is
65-subject to county property tax] THE GOVERNING BODY OF FREDERICK COUNTY MAY
66-PROVIDE, BY LAW, FOR:
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
6768
68- (I) THE AMOUNT AND DURAT ION OF THE TAX CREDI T UNDER
69-THIS SUBSECTION ;
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
7071
71- (II) ADDITIONAL ELIGIBILI TY CRITERIA FOR THE TAX CREDIT
72-UNDER THIS SUBSECTIO N;
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
7375
74- (III) REGULATIONS AND PROC EDURES FOR THE APPLI CATION
75-AND UNIFORM PROCESSI NG OF REQUESTS FOR T HE TAX CREDIT; AND
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
7678
77- (IV) ANY OTHER PROVISION NECESSARY TO CARRY O UT THE
78-CREDIT UNDER THIS SU BSECTION.
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
7982
80- SECTION 2. AND BE IT FURTHER ENACTED, That this Act sha ll take effect June
81-1, 2024, and shall be applicable to all taxable years beginning after June 30, 2024.
83+ (I) THE AMOUNT AND DURAT ION OF THE TAX CREDI T UNDER 23
84+THIS SUBSECTION ; 24
8285
83-Approved by the Governor, May 16, 2024.
86+ (II) ADDITIONAL ELIGIBILI TY CRITERIA FOR THE TAX CREDIT 25
87+UNDER THIS SUBSECTIO N; 26
88+
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 SU BSECTION. 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