248                               LAWS OF MARYLAND                         [CH. 73

cash value on the date of finality, and that the term full cash value
as applied to real property assessments shall mean current value
less an allowance for inflation; and providing further that
personal property shall be assessed at full cash value on the
date of finality, and that the term full cash value as applied to
personal property shall mean current value without any allow-
ance for inflation; and providing further that for the purposes
of assessing stock in business, the term fair average value shall
mean cost or market value, whichever is lower, without any allow-
ance for inflation; and providing further that distilled spirits shall
be valued and assessed at fair value, and that the term fair value
shall mean cost or market value, whichever is lower, without any
allowance for inflation; and to provide that no person, firm, or
corporation shall be subject to criminal prosecution as a result of
the retroactive nature of this Act.

Whereas, the Court of Appeals of Maryland has recently decided
the case of Sears Roebuck and Company v. State Tax Commission of
Maryland, docketed as No. 28 in the September Term of said Court,
and reported as 136 A.2d 567; and

Whereas, by the terms of said decision, the Court of Appeals has
held that real property and stock in business have been classified alike
by the General Assembly for assessment purposes; and that under
such circumstances, the same allowance must be made for inflation in
respect to stock in business as is made in respect to real property; and

Whereas, Article 15 of the Maryland Declaration of Rights con-
fers upon the General Assembly the right to provide for the separate
assessment of land and classification and sub-classification of per-
sonal property as it may deem proper; and

Whereas, it is the intention of the General Assembly to classify
real property separate and distinct from personal property, and to
separately sub-classify certain classes of personal property for as-
sessment purposes, to the end that an allowance for inflation may be
made in respect to real property, but not in respect to personal
property; and

Whereas, it is the belief of the General Assembly that the natural
and inherent differences between real and personal property, and
the peculiarities of certain classes of personal property require and
justify separate classification and sub-classification for assessment
purposes as aforesaid, and require and justify the making of an al-
lowance for inflation in respect to real estate assessments but not in
respect to personal property assessments; and

Whereas, the State will lose substantial revenues as the result of
the Sears Roebuck decision unless remedial legislation is enacted and
made retroactive to January 1, 1957; and

Whereas, the great majority of taxpayers have paid taxes upon
stock in business without protest for the year 1957, leaving only a
small number of protesting taxpayers to whom the Sears Roebuck
decision will be applicable unless remedial legislation is made retro-
active; aid AND