Concerning: Recordation Tax –
Allocation of Revenue
Revised: 5-18-10 Draft No. 2
Introduced: March 23, 2010
Enacted: May 19, 2010
Executive: May 29, 2010
Effective: May 29, 2010
Sunset Date: None
Ch. 19 , Laws of Mont. Co. 2010
County Council
For Montgomery County, Maryland
By: Council President at the Request of the County Executive
AN EXPEDITED ACT to:
(1) revise the allocation of certain revenue received from the recordation tax; and
(2) generally amend County law related to the recordation tax.
By amending
Laws of Montgomery County 2009
Chapter 17
Laws of Montgomery County 2002
Chapter 9
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The County Council for Montgomery County, Maryland approves the following Act:
Sec. 1. Chapter 17 of the Laws of Montgomery County 2009 is amended as follows:
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Sec. 3. Allocation of Revenue. During any fiscal year that begins on or after July 1, [2010] [[2012]] 2011, the net revenue attributable to the increase in the rate of the recordation tax enacted in this Act must be reserved for and allocated equally to:
(a) the cost of County government capital improvements; and
(b) rental assistance programs for low- and moderate-income households, which must not be used to supplant any otherwise available funds.
Sec. 2. Chapter 9 of the Laws of Montgomery County 2002, as amended by Chapter 21 of the Laws of Montgomery County 2003, and further amended by Chapter 33 of the Laws of Montgomery County 2003, is further amended as follows:
* * *
Sec. 4. Allocation of Revenue
During any fiscal year that begins on or after July 1, 2004, except a fiscal year that begins on July 1, 2010, the net revenue attributable to the increase in the rate of the recordation tax enacted in this Act must be reserved for and allocated to the cost of capital improvements to schools and educational technology for Montgomery College in the form of debt service for debt-eligible projects and current revenue for debt-eligible or non-debt-eligible projects.
Sec. [[2]] 3. 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 when it becomes law.
Approved: