Editor's Note: Section 3 of this Bill provided
that the tax credit established herein shall take effect for the taxable
year beginning 7-1-1995, and for each taxable year thereafter, and
shall apply to eligible personal property acquired or transferred
into the county after 1-1-1995.
There is hereby established, pursuant to § 9-233
of the Tax Property Article of the Annotated Code of Maryland, a property
tax credit against the county property tax imposed on machinery, equipment,
materials, and supplies:
The sale or use of which is exempt from the sales
and use tax under Section 11-210 or Section 11-217 of the Tax-General
Article of the Annotated Code of Maryland.
The amount of the tax credit granted hereby is equal to the county property tax imposed on the assessment of the property described in Subsection A, above, in excess of twenty-five percent (25%) of the original cost of the property.
Application for the tax credit established herein
shall be made in the manner prescribed by regulations adopted by the
Department of Assessments and Taxation of the State of Maryland.