SPIRO T. AGNEW, Governor                      1009

CHAPTER 428
(Senate Bill 124)

AN ACT to add new Section 15 (b-5) to Article 81 of the Annotated
Code of Maryland (1965 Replacement Volume and 1966 Supple-
ment), title "Revenue and Taxes," subtitle "Method of Assess-
ment," to follow immediately after Section 15 (b-4) thereof, and
to repeal and re-enact, with amendments, Section 15 (d) of the
said Article and subtitle of the Code, to change the rate of assess-
ment for purposes of county taxation of the stock in business of
persons engaged in Montgomery County in any manufacturing or
commercial business in order to provide for the total exemption of
such stock in business gradually over a period of years.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 15 (b-5) be and it is hereby added to Article 81 of
the Annotated Code of Maryland (1965 Replacement Volume and
1966 Supplement), title "Revenue and Taxes," subtitle "Method of
Assessment," to follow immediately after Section 15 (b-4) thereof,
and that Section 15 (d) of the said Article and subtitle of the Code,
be and it is hereby repealed and re-enacted, with amendments, to
read as follows:

15 (b-5).

For the purpose of county taxation in Montgomery County, such
stock in business shall be assessed at the rate of fifty percentum
(50%) of such fair average value for the twelve months ending
December 31, 1067; 1966; and at the rate of forty percentum (40%)
of such fair average value for the twelve months ending December
31, 1968; 1967; and at the rate of thirty percentum (30%) of such
fair average value for the twelve months ending December 31, 1969.
1968. Such assessment shall be diminished by ten percentum (10%)
annually in regular progression in succeeding years until on and
after December 31, 1971 1970 when, for the purposes of county
taxation, such stock in business shall be entirely exempt from valua-
tion, assessment, and taxation under the provision of this section.

(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 [counties] County,
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.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved April 21, 1967.