Expedited Bill No.          14-13              

Concerning:     Historic Preservation – Tax Credit                                                     

Revised:    May 13, 2013   Draft No. 1  

Introduced:      June 11, 2013                

Enacted:         July 16, 2013                 

Executive:       July 29, 2013                 

Effective:        July 29, 2013                 

Sunset Date:  None                             

Ch.   19    , Laws of Mont. Co.    2013    

County Council

For Montgomery County, Maryland

By: Councilmembers Rice, Floreen, Elrich, Ervin, Berliner, and Council President Navarro

AN EXPEDITED ACT to:

(1) amend the law related to the percentage of improvement costs on a historic property that are eligible for a property tax credit; and

(2) generally amend the laws governing a tax credit for qualified improvement to historic properties.

By amending

            Montgomery County Code

            Chapter 52, Taxation

            Section 52-43

Boldface Heading or defined term.

Underlining Added to existing law by original bill.

[Single boldface brackets] Deleted from existing law by original bill.

Double underlining Added by amendment.

[[Double boldface brackets]] Deleted from existing law or the bill by amendment.

*   *   *                                                  Existing law unaffected by bill.

The County Council for Montgomery County, Maryland approves the following Act:

                             Sec. 1. Section 52-43 is amended as follows:

52-43. Use of tax credit.

(a)     The tax credit is [10] 25 percent of the taxpayer's qualified expenses under Section 52-42.

(b)     The tax credit applies to the next tax year after the year in which the work or any part is completed. Any unused tax credit may be carried forward to as many as 5 subsequent tax years. However, if the property is removed as an historic site or excluded from an historic district on the applicable County or municipal master plan or zoning map, any unused tax credit must lapse.

          Sec. 2.         Expedited Effective Date.

          The Council declares that this legislation is necessary for the immediate protection of the public interest.  This Act takes effect on the date on which it becomes law.

Approved: