THEODORE R. MCKELDIN, GOVERNOR 1271

Education", sub-title "Chapter 19. Source and Distribu-
tion of Income", said new section to follow immediately
after Section 209 thereof, relating to the effect of certain
tax exemptions or reduced ratios of assessment upon
payments to the several political sub-divisions from the
School Equalization Fund, AND INCENTIVE FUND
FOR SCHOOL CONSTRUCTION.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 209A be and it is hereby added to Article 77
of the Annotated Code of Maryland (1951 Edition), title
"Public Education", sub-title "Chapter 19. Source and
Distribution of Income", said new section to follow imme-
diately after Section 209 thereof, and to read as follows:

209A. If any county in this State, or Baltimore City,

has by law or pursuant to law granted any total or partial

tax exemption or reduced ratio of valuation and asssess-

ment to or for the benefit of tools, implements, machinery,
manufacturing apparatus or engines, or inventories and

stock in business, the amount by which the expectancy of

tax collections in the county or Baltimore City is reduced

in any year by the tax exemption or reduced ratio of as-
sessment shall be deducted from the payment or payments

for that year made to the county or city under the provi-

sions of Section 209 above; and the amount so deducted
shall be paid into the general funds of the State.

209A. THE TOTAL OF THE ASSESSABLE PROP-
ERTY OF ANY COUNTY OR THE CITY OF BALTI-
MORE ELIGIBLE UNDER THE PROVISIONS OF
SECTION 209 TO SHARE IN THE EQUALIZATION
FUND AND INCENTIVE FUND FOR SCHOOL CON-
STRUCTION SHALL NOT BE REDUCED BY THE
GRANT BY SUCH POLITICAL SUB-DIVISION MADE
BY VIRTUE OF ANY LAW OR PURSUANT TO LAW
OF ANY TOTAL OR PARTIAL TAX EXEMPTION OR
REDUCED RATIO OF VALUATION AND ASSESS-
MENT TO OR FOR THE BENEFIT OF TOOLS, IM-
PROVEMENTS, MACHINERY, MANUFACTURING
APPARATUS OR ENGINES, OR INVENTORIES AND
STOCK IN BUSINESS. THE AMOUNT OF SUCH TO-
TAL OR PARTIAL TAX EXEMPTION OR REDUCED
RATIO OF VALUATION AND ASSESSMENT SHALL
BE TAKEN INTO ACCOUNT AND ADDED TO THE AS-
SESSMENT FOR COUNTY AND CITY TAXATION AS
SHOWN BY THE TAX ROLLS OF SUCH POLITICAL
SUB-DIVISION IN DETERMINING THE TOTAL AS-