SPIRO T. AGNEW, Governor                        1509

authorize a tax credit or tax exemption in Caroline County for
the real property of new manufacturing business, industries or
plants, and to provide for the manner of granting such credit or
exemption.

AN ACT TO REPEAL AND RE-ENACT, WITH AMENDMENTS,
SECTION 49 (B) OF THE CODE OF PUBLIC LOCAL LAWS
OF CAROLINE COUNTY (1965 EDITION, BEING ARTICLE
6 OF THE CODE OF PUBLIC LOCAL LAWS OF MARYLAND),
TITLE "CAROLINE COUNTY", SUBTITLE "COUNTY TREAS-
URER", TO EXCLUDE INVENTORY FROM MANUFACTUR-
ERS' TAX EXEMPTION.

Section 1. Be it enacted by the General Assembly of Maryland,

That new Section 12H 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 "What Shall
Be Taxed and Where", to follow immediately after Section 12G
thereof, to read as follows: BE IT ENACTED BY THE GENERAL
ASSEMBLY OF MARYLAND, THAT SECTION 49 (B) OF THE
CODE OF PUBLIC LOCAL LAWS OF CAROLINE COUNTY (1965
EDITION, BEING ARTICLE 6 OF THE CODE OF PUBLIC
LOCAL LAWS OF MARYLAND), TITLE "CAROLINE COUNTY",
SUBTITLE "COUNTY TREASURER", BE AND IT IS HEREBY
REPEALED AND RE-ENACTED, WITH AMENDMENTS, TO
READ AS FOLLOWS:

49.

(B) EXEMPTED PROPERTY SHALL BE LIMITED TO LAND,
BUILDINGS, TOOLS, INCLUDING MECHANICAL TOOLS; IM-
PLEMENTS, WHETHER WORKED BY HAND, STEAM, OR
OTHER MOTIVE POWER; MACHINERY, MANUFACTURING

12H.

    (a) This section, to the exclusion of any other public general or

public local laws, unless this section is specifically referred to therein,
controls and regulates exclusively the granting of any special pro-

visions for tax credits or tax exemption on real property of any

new manufacturing, fabricating, assembling, processing and dis-
tributing industry, factory or plant or any extension, expansion of
any established manufacturing, fabricating, assembling, processing
and distributing industry, factory or plant in Caroline County or any
municipality in Caroline County.

(b) The valuation and assessment of all such property shall be
made in all respects as other property is valued and assessed.

(c) The Board of County Commissioners or the governing body

of every municipality in the county, by whatever name known, may

by resolution or ordinance provide for a tax credit against its own

taxes on the basis of value of the property or the number of em-
ployees working in said property, or both. Any such exemption or

tax credit shall not extend for a period of more than ten years.

Nothing herein shall be construed to withdraw any exemption here-
tofore granted pursuant to Chapter 763 of the Acts of 1953.