EXPLANATION: CAPITALS indicate matter added to existing law.
[Brackets] indicate matter deleted from existing law.
* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL
Introduced by: President Young
A BILL ENTITLED
AN ORDINANCE concerning
title
Property Tax Credits - City Supplement to Homeowners' Tax Credit Program
FOR the purpose of establishing a City supplement to the State Homeowners' Property Tax Credit Program; defining certain terms; imposing certain limitations, conditions, and qualifications for credit eligibility; and providing for the amount and administration of the credit.
body
BY adding
Article 28 - Taxes
Section 10-20
Baltimore City Code
(Edition 2000)
SECTION 1. BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF BALTIMORE, That the Laws of Baltimore City read as follows:
Baltimore City Code
Article 28. Taxes
Subtitle 10. Credits
� 10-20. CITY SUPPLEMENT TO HOMEOWNERS� TAX CREDIT PROGRAM.
(A) DEFINITIONS.
(1) IN GENERAL.
IN THIS SECTION, THE FOLLOWING TERMS HAVE THE MEANINGS INDICATED.
(2) COMBINED INCOME.
�COMBINED INCOME� HAS THE MEANING STATED IN STATE TAX-PROPERTY ARTICLE ��9 104(A)(3).
(3) DWELLING.
�DWELLING� HAS THE MEANING STATED IN STATE TAX-PROPERTY ARTICLE ��9 104(A)(6).
(4) HOMEOWNER.
�HOMEOWNER� HAS THE MEANING STATED IN STATE TAX-PROPERTY ARTICLE ��9 104(A)(9).
(5) STATE HOMEOWNERS� TAX CREDIT PROGRAM.
�STATE HOMEOWNERS� TAX CREDIT PROGRAM� MEANS THE HOMEOWNERS� PROPERTY TAX CREDIT PROGRAM ESTABLISHED BY STATE TAX-PROPERTY ARTICLE ��9-104.
(6) TOTAL REAL PROPERTY TAX.
�TOTAL REAL PROPERTY TAX� HAS THE MEANING STATED IN STATE TAX-PROPERTY ARTICLE ��9 104(A)(13).
(B) SUPPLEMENT GRANTED.
IN ACCORDANCE WITH STATE TAX-PROPERTY ARTICLE � 9-215, A CITY SUPPLEMENT TO THE STATE HOMEOWNERS� TAX CREDIT PROGRAM IS GRANTED FOR ELIGIBLE DWELLINGS.
(C) ELIGIBILITY REQUIREMENTS.
A DWELLING IS ELIGIBLE FOR THE CITY SUPPLEMENTAL TAX CREDIT IF:
(1) THE DWELLING IS ELIGIBLE FOR PARTICIPATION IN THE STATE HOMEOWNERS� TAX CREDIT PROGRAM; AND
(2) AS OF THE END OF THE CALENDAR YEAR IMMEDIATELY PRECEDING THE TAXABLE TEAR FOR WHICH THE SUPPLEMENTAL CREDIT IS SOUGHT, THE DWELLING�S HOMEOWNER:
(I) IS AT LEAST 62 YEARS OLD;
(II) HAS RESIDED IN THE DWELLING FOR AT LEAST 10 YEARS; AND
(III) HAS A COMBINED INCOME OF LESS THAN $40,000.
(D) AMOUNT OF SUPPLEMENTAL CREDIT.
THE CITY SUPPLEMENTAL TAX CREDIT FOR AN ELIGIBLE DWELLING IS THE TOTAL REAL PROPERTY TAX ON THE DWELLING, LESS:
(1) THE PROPERTY TAX CREDIT GRANTED FOR THE DWELLING UNDER STATE TAX-PROPERTY ARTICLE ��9-104; AND
(2) THE AGGREGATE OF THE FOLLOWING PERCENTAGES OF THE HOMEOWNER�S COMBINED INCOME:
(I) 0% OF THE 1ST $12,000 OF COMBINED INCOME;
(II) 3% OF THE NEXT $4,000 OF COMBINED INCOME;
(III) 7% OF THE NEXT $4,000 OF COMBINED INCOME; AND
(IV) 9% OF COMBINED INCOME OVER $20,000.
SECTION 2. AND BE IT FURTHER ORDAINED, That the catchlines contained in this Ordinance are not law and may not be considered to have been enacted as a part of this or any prior Ordinance.
SECTION 3. AND BE IT FURTHER ORDAINED, That this Ordinance takes effect on the 30th day after the date it is enacted.
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