May 26, 2005

The Honorable Michael E. Busch
Speaker of the House
State House
Annapolis, MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, today I have vetoed House Bill 235 - Property Tax - Valuation - Low Income Housing Tax Credit Projects.

This bill creates a subclass of real property for property tax assessment purposes and requires a supervisor valuing commercial real property to consider the impact of rent restrictions, affordability requirements, or related restrictions required by specified provisions of federal law and specified federal, state, or local programs. The bill also prohibits a supervisor valuing commercial real property from considering federal income tax credits as income attributable to the commercial real property. Senate Bill 67, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign House Bill 235.

Very truly yours,
Robert L. Ehrlich, Jr.