2142

LAWS OF MARYLAND

Ch. 747

(3) For the 1979-1980 taxable year only, the

credit shall be calculated by:

(i) Comparing the 1978 actual assessment
with the adjusted 1976 assessment, as determined in
subsection (d) (3) of this section, and selecting the lesser
of the two amounts;

(ii) Multiplying the lesser of the two
amounts by 115 percent;

(iii) Subtracting this product from the

1979  actual assessment;

(iv) Multiplying this difference, provided
it is a positive number, by the applicable county, Baltimore
City or municipal tax rate for this year.

The amount determined in step (iv) of this paragraph
(3) shall be the amount of the tax credit for the 1979-1980
taxable year.

(4) FOR THE 1980-1981 TAXABLE YEAR ONLY, THE
CREDIT SHALL BE CALCULATED BY:

(I)   COMPARING THE 1979 ACTUAL ASSESSMENT
WITH THE ADJUSTED 1976 ASSESSMENT, AS DETERMINED IN
SUBSECTION (D)(4) OF THIS SECTION, AND SELECTING THE LESSER
OF THE TWO AMOUNTS;

(II)   MULTIPLYING THE LESSER OF THE TWO
AMOUNTS BY 115 PERCENT;

(III)   SUBTRACTING THIS PRODUCT FROM THE

1980  ACTUAL ASSESSMENT;

(IV)   MULTIPLYING THIS DIFFERENCE, PROVIDED
IT IS A POSITIVE NUMBER, BY THE APPLICABLE COUNTY, BALTIMORE
CITY, OR MUNICIPAL TAX RATE FOR THIS YEAR. THE AMOUNT
DETERMINED IN STEP (IV) OF THIS PARAGRAPH (5) SHALL BE THE
AMOUNT OF THE TAX CREDIT FOR THE 1980-1981 TAXABLE YEAR.

(5) FOR THE 1981-1982 TAXABLE YEAR ONLY, THE
CREDIT SHALL BE CALCULATED BY:

(I)   COMPARING THE 1980 ACTUAL ASSESSMENT
WITH THE ADJUSTED 1976 ASSESSMENT, AS DETERMINED IN
SUBSECTION (D)(4) OF THIS SECTION, AND SELECTING THE LESSER
OF THE TWO AMOUNTS;

(II)   MULTIPLYING THE LESSER OF TWO AMOUNTS
BY 115 PERCENT;

(III)   SUBTRACTING THIS PRODUCT FROM THE

1981  ACTUAL ASSESSMENT;