The Honorable Casper R. Taylor, Jr.
Speaker of the House
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today vetoed House Bill 338 - Natural Resources - Boat Excise Tax - Certificate of Title.

This bill alters the definition of "fair market value" to eliminate the requirement that a licensed dealer must take title to a used vessel that is traded in as part of the consideration for the sale of a new vessel in order to qualify for an exclusion from the boat excise tax for the value of the trade-in. The bill also changes the definition of fair market value to apply the trade-in allowance to the sale of any vessel by a licensed out-of-State or foreign dealer. The Department of Natural Resources must report to specified committees of the General Assembly by July 1, 2001, on the fiscal impact of the bill.

Senate Bill 407, which was passed by the General Assembly and signed by me on May 11, 2000, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 338.

Parris N. Glendening