AGENDA ITEM 6.4
October 26, 2010
Introduction
MEMORANDUM
TO:
FROM:
County Council
~ichael
Faden, Senior Legislative Attorney
Introduction:
Expedited Bill 55-10, Taxation - Transportation Impact Tax
Credits - Amendments
SUBJECT:
Expedited Bill 55-10, Taxation - Transportation Impact Tax Credits - Amendments,
sponsored by Councilmembers Knapp and EIrich, is scheduled to be introduced on October 26,
2010. Public hearing/action is tentatively scheduled for November 23 at 1:30 p.m.
Bill 55-10 would clarify the extent to which certain entities may apply unused
transportation impact tax credits to satisfy an obligation under Policy Area Mobility Review or a
successor policy area transportation test. This bill would modify an amendment to Bill 19-10,
Taxes - Transportation Impact Tax - Amendments, which currently awaits Executive action.
This packet contains:
Expedited Bill 55-10
Legislative Request Report
Circle
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F:\LAw\BILLS\ I055 Impact Tax - Credits - Amendments\lntro Memo.Doc
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Expedited Bill No.
55-10
Concerning: Taxes - Transportation
Impact Tax - Credits - Amendments
Revised: 10-21-10
Draft No. _1_
Introduced:
October 26,2010
Expires:
April 26, 2012
Enacted: _ _ _ _ _ _ _ _ __
Executive: _ _ _ _ _ _ _ __
Effective: _--:-:------:_-:-:::-::-:--::--_ _
Sunset Date: November 1, 2015
Ch. _ _, Laws of Mont. Co. _ __
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Councilmembers Knapp and EIrich
AN EXPEDITED ACT
to:
(I)
(2)
modifY the credits that apply to the transportation impact
tax;
and
generally amend County law regarding impact taxes,
By amending
Montgomery County Code
Chapter 52, Taxation
Section 52-55
Boldface
Underlining
[Single boldface brackets]
Double underlining
[[Double boldface brackets]]
* * *
Heading or defined term.
Added to existing law by original bill.
Deletedfrom existing law by original bill.
Added by amendment.
Deletedfrom existing law or the
bill by
amendment.
EXisting law unaffected by bill.
The County Council for Montgomery County, Maryland approves the following Act:
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EXPEDITED Bill
No.55~10
1
Sec.
1.
Section 52-55 is amended as follows:
52-55.
(a)
(2)
Credits.
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[Any credit that was certified before July 1, 2002, for an entity
that received more than $20 million in credits under this
subsection may be applied to satisfy up to $2 million worth of
obligations under Policy Area Mobility Review or any successor
policy area transportation test, in addition to impact taxes. This
paragraph is not effective after October 31,2015.]
CA)
An entity that received more than $20 million in credits
under this subsection that were certified before July
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2002, may
mm1Y
any unused credit to satisfy an obligation
under Policy Area Mobility Review, or any applicable
successor policy area transportation test, if:
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ill
the County Executive has identified the project for
which
~
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credit would be applied under this
~
paragraph as
project; and
Cii)
strategic economic development
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the credit is used before November
..L
2015.
{ill The total of any credits used under this paragraph to satisfy
an obligation under Policy Area Mobility Review, or any
applicable successor policy area transportation test, must
not exceed $1.7 million.
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Sec. 2. Expedited Effective Date.
*
*
IS
The Council declares that this legislation
necessary for the immediate
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protection of the public interest. This Act takes effect on the date when it becomes
law.
{j)F:\LAW\BILLS\l 055 Impact Tax - Credits - Amendments\l Oxx Bill IDoc
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LEGISLATIVE REQUEST REPORT
Taxation
DESCRIPTION:
Expedited Bill 55-10
Transportation Impact Tax Credits
-
Amendments
Expedited Bill 55-10 would modify the provlSlon which allows
credits for the transportation impact tax to apply to satisfy obligations
under Policy Area Mobility Review or a successor policy area
transportation test.
Need to further clarify the extent to which certain entities may apply
unused transportation impact tax credits to satisfy an obligation under
Policy Area Mobility Review or a successor policy area
transportation test.
To clarify the extent to which certain entities may apply unused
transportation impact tax credits to satisfy an obligation under Policy
Area Mobility Review or a successor policy area transportation test.
Departments of Transportation and Finance
To be requested.
To be requested.
To be requested.
To be researched.
Michael Faden, Senior Legislative Attorney, 240-777-7905
Glenn Orlin, Deputy Staff Director, 240-777-7936
Applies only to County transportation impact tax.
PROBLEM:
GOALS AND
OBJECTIVES:
COORDINATION:
FISCAL IMPACT:
ECONOMIC
IMPACT:
EVALUATION:
EXPERIENCE
ELSEWHERE:
SOURCE OF
INFORMATION:
APPLICATION
WITHIN
MUNICIPALITIES:
PENALTIES:
N/A.
Q)
f:\law\bills\1055 impact tax - credits - amendments\legislative request report. doc