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§ 2-603. Depreciation of equipment if agreement terminated

West's Annotated Code of MarylandPublic Safety

West's Annotated Code of Maryland
Public Safety (Refs & Annos)
Title 2. Department of State Police (Refs & Annos)
Subtitle 6. Local Division (Refs & Annos)
MD Code, Public Safety, § 2-603
Formerly cited as MD CODE Art. 88B, § 63
§ 2-603. Depreciation of equipment if agreement terminated
Currentness
In general
(a) If an agreement entered into under § 2-602 of this subtitle is terminated, the value of motor vehicles, radios, and light bars paid for by a county or municipal corporation under the agreement shall be depreciated in accordance with subsection (b) of this section.
Depreciation schedule
(b) The value of motor vehicles, radios, and light bars shall be depreciated over a 5-year period beginning on the date the equipment was put in service as follows:
(1) after 1 year, the equipment shall be valued at 80% of its initial cost;
(2) after 2 years, the equipment shall be valued at 60% of its initial cost;
(3) after 3 years, the equipment shall be valued at 40% of its initial cost;
(4) after 4 years, the equipment shall be valued at 20% of its initial cost; and
(5) after 5 years, the equipment shall be considered to have no remaining value for purposes of this section.
Reimbursement by Department
(c) The Department shall reimburse the county or municipal corporation for the depreciated value of the motor vehicles, radios, and light bars.

Credits

Added by Acts 2003, c. 5, § 2, eff. Oct. 1, 2003.
MD Code, Public Safety, § 2-603, MD PUBLIC SAFETY § 2-603
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document