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2016 Regular Session



Income Tax Credit - New Dwellings - Automatic Fire Sprinkler Systems

Sponsored by:

Senator Mathias


In the House - Favorable with Amendments Report by Ways and Means

Synopsis:Allowing a record owner of a specified new dwelling in a specified county to claim a credit against the State income tax in an amount equal to $1.25 for each square foot of the new dwelling if a specified automatic fire sprinkler system is installed in the new dwelling; requiring the Office of the State Fire Marshal to approve applications for the credit; providing that the Office may not approve a credit in a taxable year beginning after December 31, 2018; limiting the total amount of credits to $1,000,000 in any taxable year; etc.
Analysis:Fiscal and Policy Note (Revised)
All Sponsors:Senators Mathias, Edwards, Eckardt, and Serafini
Additional Facts:Cross-filed with: HB1143
Bill File Type: Regular
Effective Date(s): July 1, 2016
Budget and Taxation  View Committee HearingWays and Means  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Allegany County
Caroline County
Cecil County
Dorchester County
Fire Protection
Garrett County
Housing -see also- Apartments; Condos; Mobile & Manuf Homes
Income Tax
Kent County
Queen Anne's County
Somerset County
Talbot County
Washington County
Wicomico County
Worcester County
Statutes:Article - Tax - General

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April 11, 2016 2:21 P.M.