1434 LAWS OF MARYLAND. [CH. 811

CHAPTER 811.
(Senate Bill 396)

AN ACT to repeal and re-enact, with amendments, Section
12 of Article 81 of the Annotated Code of Maryland
(1939 Edition), as amended by Chapter 544 of the Acts
of 1941, title "Revenue and Taxes", sub-title "Method of
Assessment", and to add a new section to said Article,
said new section to be known as Section 12%, to follow
immediately after Section 12 of said Article, for the
purpose of establishing an alternative basis for the
assessment of stocks in business.

SECTION 1. Be it enacted by the General Assembly o j Maryland,
That Section 12 of Article 81 of the Annotated Code of
Maryland (1939 Edition), as amended by Chapter 544 of
the Acts of 1941, title "Revenue and Taxes", sub-title
"Method of Assessment", be and the same is hereby re-
pealed and re-enacted with amendments to read as follows:

12. The stock in business of every person, firm or cor-
poration engaged in any manufacturing or commercial
lousiness in this State during the year, or any portion there-
of, preceding the date of finality, shall be valued and
assessed at its fair average for the twelve months preced-
ing the date of finality, but in the computation of the fair
average value of the stock in business of registered motor
vehicle dealers, the value of used motor vehicles, titled in
Maryland and taken in trade by such dealers as partial
payments on the purchase of other motor vehicles, shall be
excluded.

SEC. 2. And be it further enacted, That a new section
be and the same is hereby added to Article 81 of the Anno-
tated Code of Maryland (1939 Edition), said new section
to be known as Section 12%, to follow immediately after
Section 12 of said Article and to read as follows:

121/2. Whenever the stock in business, or any part there-
of, of any person, firm or corporation assessable under Sec-
tion 12, shall have been subjected to a freezing order by
any duly authorized. agency or department of the United
States in effect during the year, or any portion thereof,
preceding the date of finality, the taxpayer shall be entitled
to report and be assessed upon his stock in business, or
such part thereof, as was subjected to such freezing order,
for valuation and assessment by the respective assessing
authorities, sat its fair average for the twelve months pre-