1418                               Laws of Maryland                        [Ch. 485

STATE TAX SHALL BE FILED WITHIN THREE (3) YEARS
AFTER THE EVENT WHICH CAUSES THE REFUND TO
BECOME DUE, PROVIDED THAT NO INTEREST WILL BE
DUE ON ANY SUCH CLAIM WHICH HAS NOT BEEN FILED
WITHIN ONE (1) YEAR AFTER SUCH EVENT.

10.

(C) IF THE FEDERAL GOVERNMENT SHOULD REFUSE
TO ALLOW A CREDIT, OR SHOULD COLLECT THE AMOUNT
OF A CREDIT PREVIOUSLY ALLOWED BY IT FOR THE
"MARYLAND ESTATE TAX," WITH RESPECT TO THE
"MARYLAND ESTATE" OF ANY PERSON DYING BEFORE
THE DATE THIS ARTICLE BECOMES EFFECTIVE, THEN
ANY "MARYLAND ESTATE TAX" ACTUALLY PAID HERE-
UNDER TO THE STATE OF MARYLAND, IN ANY SUCH
CASE, SHALL BE REFUNDED BY THE COMPTROLLER
[FROM THE FUND RETAINED OR TO BE RETAINED BY HIM
AS HEREINBEFORE PROVIDED IN SECTIONS 4 AND 5].

SEC. 2. And be it further enacted, That this Act shall take effect
July 1, 1972.

Approved May 26, 1972.

CHAPTER 485
(House Bill 35)

AN ACT to repeal and re-enact, with amendments, Section 14 (b) (2)
of Article 81 of the Annotated Code of Maryland (1971 Supple-
ment), title "Revenue and Taxes," subtitle "Method of Assess-
ment," to provide that assessments of personal property shall
include a consideration of any sums paid to acquire property
used through a purchase or lease purchase or other similar agree-
ment.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 14(b)(2) of Article 81 of the Annotated Code of
Maryland (1971 Supplement), title "Revenue and Taxes," subtitle
"Method of Assessment," be and the same is hereby repealed and
re-enacted, with amendments, to read as follows:

14.

(b) Except as hereinafter provided:

(2) All personal property directed in this article to be assessed,
shall be assessed at the full cash value thereof on the date of finality.
The term full cash value as used in this subsection shall mean cur-
rent value without any allowance for inflation. In determining this
value, the assessing authority shall give consideration to any sums
paid in connection with the acquisition of the property when ac-
quired through a purchase or lease purchase or other similar kind
of agreement for transfer of title after a period of use of the
property.