summary
Introduced
01/10/2024
01/10/2024
In Committee
01/10/2024
01/10/2024
Crossed Over
Passed
Dead
04/08/2024
04/08/2024
Introduced Session
2024 Regular Session
Bill Summary
AN ACT concerning Property Tax Credit - Retail Service Station Conversions FOR the purpose of authorizing the Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation to grant, by law, a credit against the county or municipal corporation property tax imposed on real property if use of the real property has been converted from a retail service station to other certain uses; requiring the State to pay to each county or municipal corporation that grants the property tax credit under this Act an amount equal to a certain percentage of certain forgone revenue of the county or municipal corporation; and generally relating to a property tax credit for retail service station conversions. BY adding to Article - Tax - Property Section 9-268 Annotated Code of Maryland (2019 Replacement Volume and 2023 Supplement)
AI Summary
This bill authorizes the Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation to grant a property tax credit on real property if the use of the property has been converted from a retail service station to another retail use, residential use, or a mixed retail and residential use. It defines key terms like "discount store" and "retail use." The bill also requires the State to pay each county or municipal corporation that grants the tax credit an amount equal to 50% of the property tax revenue that would have been collected if the tax credit had not been granted. The bill takes effect on June 1, 2024 and applies to all taxable years beginning after June 30, 2024.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Budget and Taxation Hearing (12:00:00 1/18/2024 ) (on 01/18/2024)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0067?ys=2024RS |
| BillText | https://mgaleg.maryland.gov/2024RS/bills/sb/sb0067f.pdf |
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