J. MILLARD TAWES, Governor                      735

assessed as escaped property and providing for the abatement of
assessments upon certain property which becomes wholly exempt
from taxation between the date of finality and the commencement
date of the taxable year next following, and relating generally to
the matter of personal tax liability with respect to property dis-
posed of or becoming exempt from taxation between the date of
finality and the commencement date of the taxable year next
following* AND PROVIDING FOR THE EFFECTIVENESS OF
EXEMPTIONS FROM TAXATION.

Section 1. Be it enacted by the General Assembly of Maryland,
That a new Section 4A be and the same hereby is added to Article
81 of the Annotated Code of Maryland (1957 Edition), title "Rev-
enue and Taxes", sub-title "Rules of Construction", to follow imme-
diately after Section 4 thereof and that a new Section 9A NEW
SECTIONS 9A AND 9B be and the same hereby is THEY ARE
HEREBY added to Article 81 of the Annotated Code of Maryland
(1957 Edition, 1964 Supplement), title "Revenue and Taxes", sub-
title "What Shall Be Taxed and Where", both to read as follows:

4A.

(a)  Except as otherwise provided in sub-sections (b) and (c)
hereof, whenever any property directed by this article to be assessed
as of the date of finality for purposes of ordinary taxation is trans-
ferred between the date of finality and the semi-annual date of
finality next following, the owner or owners of said property as of
the said date of finality immediately preceding such transfer shall
remain chargeable for the taxes levied or to be levied upon any
assessment upon said property for the taxable year next following
such transfer, as though such transfer had not occurred. The pro-
visions of this sub-section shall not preclude an adjustment of taxes
between the parties to a transfer.

(b)   Whenever any owner of real property on the date of finality
transfers said real property or any part thereof, between that date
of finality and the semi-annual date of finality next following, the
said owner or owners so transferring said real property or said part
thereof shall not be chargeable, except as provided in Section 98 of
this article, for any taxes levied or to be levied upon any assessment
upon said real property or said part thereof for the taxable year
next following such transfer; rather, said taxes shall be chargeable to
the new owner or owners of said real property or said part thereof
as of the said semi-annual date of finality.

(c)   Whenever any owner of tangible personal property or stock
in business made taxable by Section 8 (2) and (6) of this article
transfers all of said tangible personal property or said stock in
business of which he is the owner as of the date of finality, between
that date of finality and the semi-annual date of finality next follow-
ing, the owner or owners of said tangible personal property or said
stock in business shall not be chargeable for any taxes levied or to
be levied upon any assessment upon said tangible personal property
or said stock in business for the taxable year next following such
transfer and any assessment placed upon said tangible personal
property or said stock in business, and any taxes levied upon said
assessment, for the said taxable year next following, shall be abated;
provided, however, that the owner or owners so transferring said