Maryland HB 465: State Department of Assessments and Taxation - Distribution of Recordation and Transfer Tax Revenues

Bill Text

EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW.
[Brackets] indicate matter deleted from existing law.
*hb0465*

HOUSE BILL 465
Q6 9lr0112

By: Chair, Ways and Means Committee (By Request – Departmental – Assessments
and Taxation)
Introduced and read first time: February 1, 2019
Assigned to: Ways and Means

A BILL ENTITLED

AN ACT concerning 1

State Department of Assessments and Taxation – Distribution of Recordation 2
and Transfer Tax Revenues 3

FOR the purpose of altering the distribution of revenue from certain recordation taxes and 4
local transfer taxes collected by the State Department of Assessments and Taxation; 5
and generally relating to the distribution of revenue from certain recordation and 6
local transfer taxes. 7

BY repealing and reenacting, with amendments, 8
Article – Tax – Property 9
Section 12–110(d) and 13–404(d) 10
Annotated Code of Maryland 11
(2012 Replacement Volume and 2018 Supplement) 12

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 13
That the Laws of Maryland read as follows: 14

Article – Tax – Property 15

12–110. 16

(d) (1) The Department shall deduct the cost of administering the recordation 17
tax from the taxes collected under this title and credit those revenues to the fund 18
established under § 1–203.3 of the Corporations and Associations Article. 19

(2) After deducting the revenues required under paragraph (1) of this 20
subsection, the recordation tax collected under §§ 12–103(d) and 12–117 of this title shall 21
be [paid to the Comptroller. The Comptroller shall distribute the revenue to the counties 22
in the ratio that the recordation tax collected in the prior fiscal year in each county bears 23

2 HOUSE BILL 465

to the total recordation tax collected in all counties in that year] DISTRIBUTED TO THE 1
COUNTY IN WHICH THE PROPERTY IS LOCATED. 2

13–404. 3

(d) [(1)] The Department shall: 4

[(i)] (1) collect any county transfer tax imposed under subsection 5
(a) of this section; [and 6

(ii) promptly remit the county transfer tax collected together with 7
copies of supporting documents to the Comptroller. 8

(2) From the revenue received, the Comptroller shall:] 9

[(i)] (2) deduct the cost to the Department of collecting county 10
transfer tax under this section; and 11

[(ii)] (3) distribute the remainder of the revenue to the county in 12
which the property that is transferred is located. 13

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect July 14
1, 2019. 15