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§ 9-108. Vehicles considered stock in business property tax credit

West's Annotated Code of MarylandTax-PropertyEffective: June 1, 2019

West's Annotated Code of Maryland
Tax-Property
Title 9. Property Tax Credits and Property Tax Relief
Subtitle 1. Statewide Mandatory
Effective: June 1, 2019
MD Code, Tax - Property, § 9-108
§ 9-108. Vehicles considered stock in business property tax credit
Currentness
In general
(a) Subject to subsection (b) 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:
(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.
Additional credit up to 100% of tax imposed
(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.
Additional credit equal to increase in property tax
(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.

Credits

Added by Acts 1989, c. 786. Amended by Acts 2019, c. 250, § 1, eff. June 1, 2019.
MD Code, Tax - Property, § 9-108, MD TAX PROPERTY § 9-108
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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