1086                            LAWS OF MARYLAND                      [CH. 612

Sec. 5. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved May 6, 1966.

CHAPTER 612
(Senate Bill 348)

AN ACT to repeal and re-enact, with amendments, Section 15 (d)
of Article 81 of the Annotated Code of Maryland (1965 Replace-
ment Volume), title "Revenue and Taxes", subtitle "Method of
Assessment", and to add new Section 15 (b-4) to the said Article
and subtitle of the Code, to follow immediately after Section 15
(b-3) thereof, revising the provisions concerning the taxation of
stock in business in Prince George's County, and relating generally
to the rate of taxation applicable within Prince George's County
to certain kinds of stock in business.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 15 (d) of Article 81 of the Annotated Code of Maryland
(1965 Replacement Volume), title "Revenue and Taxes", subtitle
"Method of Assessment", be and it is hereby repealed and re-enacted,
with amendments, and that new Section 15 (b-4) be and it is hereby
added to the said Article and subtitle of the Code, to follow imme-
diately after Section 15 (b-3) thereof, and all to read as follows:

15.

(d) For the purpose of county taxation in Allegany, Baltimore,
Calvert, Caroline, Cecil, Charles, Dorchester, Frederick, Garrett,
Harford, Howard, Kent, Queen Anne's, Somerset, Talbot, Wicomico
and Worcester counties, such stock in business shall be assessed at
sixty per centum (60%) of such fair average value for the twelve
months preceding the date of finality. For the purpose of county
taxation in Montgomery [,] and Anne Arundel [and Prince
George's] counties, stock in business shall be assessed at fifty per
centum (50%) of such fair average value for the twelve months
preceding the date of finality.

(b-4) For the purpose of county taxation in Prince George's
County, such stock in business shall be assessed at the rate of fifty
per centum (50%) of such fair average value for the twelve months
ending December 31, 1965; 1966; and at the rate of forty five FORTY
per centum (45%) (40%) of such fair average value for the twelve
months ending December 31, 1966; 1967; and at the rate of forty
THIRTY per centum (40%) (30%) of such fair average value for
the twelve months ending December 31, 1967. 1968. Such assessment
shall be diminished by five TEN per centum annually in regular
progression in succeeding years until on and after December 31,
1975 1976 1970 when, for the purpose of county taxation in Prince
George's County, such stock in business shall be entirely exempt
from valuation, assessment, and taxation under the provision of this
section.