Amendments to House Bill No. 1006

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Arts & Entertainment Districts
(Third Reading File Bill)

AMENDMENT NO. 1

On page 1, in line 4, after Adistricts;@ insert Aaltering a certain income tax subtraction modification allowed for certain income derived within an arts and entertainment district; expanding the types of buildings in certain arts and entertainment districts for which a property tax credit may be granted under certain circumstances; providing for the application of this Act;@; and after line 15, insert: 
ABY repealing and reenacting, with amendments,
Article - Tax - General
Section 10-207(v)
Annotated Code of Maryland
(2004 Replacement Volume) 

BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 9-240
Annotated Code of Maryland
(2001 Replacement Volume and 2004 Supplement)@. 

AMENDMENT NO. 2

On page 2, in line 11, after Aindividuals@ insert A, IN THE ARTS AND ENTERTAINMENT DISTRICT@; and after line 11, insert: 

AArticle - Tax - General 

10-207. 

(v) (1) In this subsection, Aartistic work@, Aarts and entertainment district@, and Aqualifying residing artist@ have the meanings stated in Article 83A, ' 4-701 of the Code. 
(2) The subtraction under subsection (a) of this section includes the amount of income derived within an arts and entertainment district by a qualifying residing artist from the publication, production, or sale of an artistic work that the artist wrote, composed, or executed IN THE ARTS AND ENTERTAINMENT DISTRICT. 
(3) For the purpose of determining whether income is derived within an arts and entertainment district for the purpose of this subsection, a qualifying residing artist shall allocate receipts and expenses as the Comptroller may require. 

Article - Tax - Property
9-240.
(a) In this section, Aarts and entertainment district@, Aarts and entertainment enterprise@, and Aqualifying residing artist@ have the meanings stated in Article 83A, ' 4-701 of the Code. 
(b) The governing body of a county or municipal corporation may grant, by law, a property tax credit against the county or municipal corporation property tax imposed on a manufacturing, commercial, or industrial building that: 
(1) is located in an arts and entertainment district; and 
(2) is wholly or partially CONSTRUCTED OR renovated TO BE CAPABLE for use by a qualifying residing artist or an arts and entertainment enterprise. 
(c) A tax credit granted under this section may not be granted for more than 10 years.@. 

AMENDMENT NO. 3

On page 3, in line 6, strike AOctober 1, 2005@ and substitute AJune 1, 2005. The changes to ' 10-207(v) of the Tax General Article as enacted by Section 1 of this Act shall be applicable to all taxable years beginning after December 31, 2004. The changes to ' 9-240 of the Tax - Property Article as enacted by Section 1 of this Act shall be applicable to all taxable years beginning after June 30, 2005@. 

§ 9-240. Buildings located in arts and entertainment district.

(a) Definitions.- In this section, "arts and entertainment district", "arts and entertainment enterprise", and "qualifying residing artist" have the meanings stated in Article 83A, § 4-701 of the Code. 

(b) Credit allowed.- The governing body of a county or municipal corporation may grant, by law, a property tax credit against the county or municipal corporation property tax imposed on a manufacturing, commercial, or industrial building that: 

(1) is located in an arts and entertainment district; and 

(2) is wholly or partially renovated for use by a qualifying residing artist or an arts and entertainment enterprise. 

(c) Credit limitation.- A tax credit granted under this section may not be granted for more than 10 years. 

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