Marvin Mandel, Governor                          1145

assessed value at which any property described in subsections (c),
(d), (e), (i), or (j) of this section is taxed EITHER BY INCREAS-
ING THE PERCENTAGE OR by reducing the percentage to zero
at any time or over a period of years., OR BY REINSTATING A
TAX PREVIOUSLY REDUCED BY SUCH GOVERNING BODY.
Whenever such an ordinance or resolution is adopted, either pursuant
to the provisions of this subsection or pursuant to the provisions of
subsections (c) (5), (d) (4), (e) (4), (i) (4), or (j) (4) of this sec-
tion, the governing body shall furnish a copy to the Department.

9B. Intangible Personal Property Exemptions

Excepting shares of stock in domestic corporations upon which
taxes are required by this article to be paid by the corporation, all
intangible personal property is exempt from State, county and city
ordinary taxation, unless such property is expressly made taxable
by some provision of this article.

9C. Property Tax Credits

(a)    Except as otherwise stated herein, the governing bodies of
Baltimore City and of the following counties, and of any city located
within the county, shall grant a single mandatory credit against the
amount of any county or city ordinary taxes or any other special
charges or assessments specifically described herein, whichever is
applicable, levied in the respective counties or cities against the
property described in this section. The credit shall be allowed in the
amount of the total assessed value of the property multiplied by the
applicable ordinary tax rate or in the total amount of the special
charges or assessments. The governing body shall designate the ad-
ministrative unit or official to administer the tax credits author-
ized herein, and may also adopt such rules and regulations as may be
needed for the administration of this section, to the extent not
inconsistent with this section. Each taxpayer entitled to a credit
shall be given a notice of the credit at the time the tax bill is sent to
him. He may apply for the credit at any time up to July OCTOBER 1
of the taxable year, but if he has not made application on or before this
date, the credit shall not be allowed. Application shall be made under
oath or affirmation.

(b)    In Allegany County, (1) from county taxation only, real and
tangible personal property, owned directly or indirectly by any bona
fide labor union or unions, or by any corporation whose capital stock
is exclusively owned by any bona fide labor union or unions, when
such property is used solely for the mutual benefit of its members
and not for profit, except that any part of such property which is
commercially rented shall be taxable to the extent of the commercial
use on the fair value of the rented property; (2) tangible personal
property owned by nonprofit television broadcast translator stations,
which are supported principally by public subscription; and (3) from
county taxation only, real property owned by a religious organiza-
tion; which property is located in LaVale and is leased to the LaVale
Athletic Association for the purpose of conducting athletic and rec-
reational programs for youth, but only when this property is used
solely and exclusively for the above purpose.

(c)    In Anne Arundel County, (1) real and tangible personal
property described as Ogle Hall, owned by the United States Naval