J. MILLARD TAWES, Governor                       927

(c)  The exemptions herein provided shall be only for the period
of ten years from the date of completion of such expansion, extension
or addition, if the assessable value of such expansion, extension or
addition, is greater than ten thousand dollars;

(d)  The aggregate assessable value of all expansion projects or
units completed in each calendar year shall determine the amount
of said exemption allowance and the time of the beginning of said
exemption period, as specified in subsection (c) above.

(c) Provided, however, that there shall be no exemption for more
replacements of deteriorated or obsolete tools, machinery, equipment
and buildings which do not increase the size, capacity or function of
such tools, machinery, equipment or buildings. [However, tools,
machinery, equipment and buildings constructed or acquired for the
purpose of increasing production, or improving the competitive posi-
tion of industries, factories or plants, prior to April 18, 1955 shall

be exempt but only to the extent of the increased assessable value

resulting from such improvement, expansion or addition.]

(E) AFTER JUNE 1, 1966, ALL LAND, IMPROVEMENTS TO
LAND AND BUILDINGS THAT QUALIFY FOR THE EXEMP-
TION HEREIN CREATED SHALL BE VALUED AND AS-
SESSED AS OTHER REAL PROPERTY AND THE BOARD OF
COUNTY COMMISSIONERS AND THE MAYOR AND CITY
COUNCIL OF THE MUNICIPAL CORPORATION WHEREIN
THE PROPERTY IS LOCATED SHALL, BY RESOLUTION OR
ORDINANCE ENACTED UNDER ITS USUAL PROCEDURE
THEREFOR, PROVIDE A TAX CREDIT AS TO THE PROPERTY
TAXES IMPOSED UPON SUCH REAL PROPERTY FOR THE
PERIOD OF TIME SAID EXEMPTION EXISTS UNDER THE
PROVISIONS OF THIS ACT.

(f)  All property exempted herein shall be listed in a separate
column upon the assessment schedule filed annually with the State
Tax Commission or the Supervisor of Assessments of Allegany
County, showing the period of such, and giving such information
showing date of completion and the valuation thereof.

(g)  The provisions of this section shall not affect County or munic-
ipal taxes due to January 1, 1954.

(h) The word "manufacturing" as used in this section shall in-
clude the conversion of raw materials into manufactured goods.

Sec. 2. And be it further enacted, That this Act shall take effect

June 1, 1966, but in order to clarify any prior interpretation or con-
struction thereof, shall be retroactive to April 18, 1955; provided
that nothing contained in these amendments shall revive any claim

for refund which has been barred by limitations.

SEC. 2. AND BE IT FURTHER ENACTED, THAT THIS ACT
SHALL TAKE EFFECT JUNE 1, 1966.

Approved May 6, 1966.