Allegany and Garrett Counties - Property Tax - Credit for Construction of Housing

This bill creates tax incentives to encourage the construction and purchase of new housing in Allegany and Garrett Counties. It allows these counties to offer property tax credits of up to $10,000 for newly built homes that include specific features like sprinkler systems, fire safety equipment, or fixed broadband internet. The state will reimburse the counties for 50% of the lost tax revenue generated by these credits. Additionally, the bill enables developers who build more than 10 middle-income homes in these areas to receive a $7,500 state income tax credit for each home, which homeowners can carry forward if they do not use the full amount in one year.