788                              Laws of Maryland                      [Ch. 382

made hereunder shall be made at a rate of interest greater than four
per centum (4%.)] Any loan made hereunder on or after June 1,
1971, shall bear interest at an annual rate which equals the net
interest cost to the State of the sale of its bonds under the authority
of this Act for the purpose of funding such loan hereunder. If the
State has exercised its borrowing power under this Act pursuant to
the provisions of Section 2B of Article 31 of the Annotated Code of
Maryland (1957 Edition, 1967 Replacement Volume as from time to
time amended, or replaced), the net interest cost of the entire State
and local facilities loan of which such exercise of borrowing power
under this Act is a part shall be the annual rate of interest at which
loans may be made hereunder with the net proceeds thereof. The
issue of the bonds or Certificates of Indebtedness authorized by this
Act and the lending of the proceeds thereof for the purpose of this
Act are contingent upon the provision of at least an equal and
matching sum, by the political subdivision in which the project or
redevelopment area is located. The Board of Public Works shall not
pass a resolution providing for the issue of any part or all of the
bonds or Certificates of Indebtedness authorized by this Act, and the
Board of Public Works shall not approve the expenditure of any
part or all of the proceeds of these bonds or Certificates of Indebted-
ness, unless and until the Board receives assurances satisfactory to
it that this equal and matching sum for the project is being or will
be provided. The equal and matching sum may be provided by the
political subdivision in which the project or redevelopment area is
located; or it may be provided by any combination of public and
private contributions by or on behalf of the political subdivision.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1971.

Approved May 6, 1971.

CHAPTER 382
(Senate Bill 611)

AN ACT to repeal and re-enact, with amendments, Section 288 (g)
of Article 81 of the Annotated Code of Maryland (1969 Replace-
ment Volume), title "Revenue and Taxes," subtitle "Income Tax,"
providing for the allowance of the personal property tax credit
on the income tax return for the taxable year of actual payment
rather than on the income tax return for the taxable year in
which the personal property tax was due and payable.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 288 (g) of Article 81 of the Annotated Code of Mary-
land (1969 Replacement Volume), title "Revenue and Taxes," sub-
title "Income Tax," be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

288.

(g) There shall be credited against the income taxes imposed by
subsections (a) and (b) of this section, the personal property taxes