Maryland Code, TAX – PROPERTY 9-108
Terms Used In Maryland Code, TAX - PROPERTY 9-108
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: means a county of the State or Baltimore City. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(1) for the taxable year beginning July 1, 1990, 25% of the tax imposed on those vehicles; and
(2) for the taxable year beginning July 1, 1991 and each taxable year thereafter, 50% of the tax imposed on those vehicles.
(b) In addition to the property tax credit required under subsection (a) of this section, for the taxable year beginning July 1, 2019, and each taxable year thereafter, the governing body of a county or municipal corporation may grant a property tax credit under this section against the applicable county or municipal property tax imposed on vehicles valued as stock in business in an amount up to 100% of the tax imposed on those vehicles.
(c) In addition to the property tax credit required under subsection (a) of this section, the governing body of a county or municipal corporation shall grant a property tax credit under this section against the applicable county or municipal property tax imposed on vehicles valued as stock in business in an amount equal to any increase in property tax resulting from an increase in the percent of assessment over the percent of assessment which was in effect for fiscal year 1989.