MARVIN MANDEL, Governor                               2585

shall not exceed the ratio of the amount the member paid
for his membership to the total cost of all memberships
at the time of the assessment. Application for tax
credit shall be as provided in § 49C of this article.

(e) There shall be allowed upon the application of
any homeowner in Anne Arundel County (1) who has attained
the age of sixty—five years by the July 1 which is the
first day of the taxable year for which the credit is
sought or (2) who has not attained the age of sixty—five
years and who receives benefits as a result of a finding
of permanent and total disability under the Social
Security Act or under the Railroad Retirement Act, and
whose gross income, or whose combined gross income, as
the case may be, is not in excess of five thousand
dollars ($5,000.00) for the calendar year immediately
preceding the fiscal year of application, a single tax
credit from subdivision real property taxes upon the
dwelling for which application for tax credit is made,
which tax credit shall equal 50% of the assessed value of
the dwelling or four thousand dollars ($4,000.00),
whichever is the lesser amount, multiplied by the
applicable subdivision tax rate. Application for a tax
credit shall be as provided in § 49C of this article.]

SECTION 2. AND BE IT FURTHER ENACTED, That new
Sections 12F—1 and 12F—2, to be under new subtitles
"Property Tax Credits for Homeowners" and "Property Tax
Relief for Renters", respectively, be and they are hereby
added to Article 81 — Revenue and Taxes, of the Annotated
Code of Maryland (1969 Replacement Volume and 1973
Supplement) to read as follows:

Article 81 — Revenue and Taxes
PROPERTY TAX CREDITS FOR HOMEOWNERS
12F-1.

(A)    FOR TAXABLE YEAR 1975-1976 AND EACH YEAR
THEREAFTER, THERE IS CREATED A PROGRAM OF PROPERTY TAX
CREDITS FROM REAL PROPERTY TAXATION IMPOSED BY THE STATE,
THE COUNTY OR BALTIMORE CITY, MUNICIPAL CORPORATIONS AND
SPECIAL TAXING DISTRICTS FOR CERTAIN HOMEOWNERS BY REASON
OF INCOME.

(B)    AS USED IN THIS SECTION, THE FOLLOWING WORDS
HAVE THE MEANINGS SPECIFIED:

(1) "HOMEOWNER" MEANS EVERY PERSON WHO
ACTUALLY RESIDES IN A DWELLING IN WHICH HE HAS A LEGAL
INTEREST, INCLUDING ANY LIFE ESTATE, WHETHER AS SOLE
OWNER, JOINT TENANTS, TENANTS IN COMMON, [[OR]] TENANTS