5365
MONTGOMERY COUNTY

BE MULTIPLIED BY THE COUNTY TAX RATE, COUNTY SCHOOL TAX
RATE AND APPLICABLE SPECIAL SPECIAL AREA TAX RATE, AND
THE PRODUCT SHALL BE THE TAX CREDIT.

4.     NO UNIT SHALL BE DEEMED A PRINCIPAL RESIDENCE
WHICH IS NOT ACTUALLY OCCUPIED OR EXPECTED TO BE ACTUALLY
OCCUPIED BY SUCH OWNER OR OWNERS FOR BORE THAN SIX MONTHS
OF A TWELVE MONTH PERIOD INCLUDING THE DATE OF
APPLICATION FOR CREDIT. AN OWNER OR OWNERS MAY CLAIM
CREDIT ON ONLY ONE SUCH UNIT. THE DIRECTOR OF FINANCE MAY
QUALIFY AN OWNER OTHERWISE ELIGIBLE FOR THE TAX CREDIT IF
THE OWNER DOES NOT ACTUALLY RESIDE IN THE UNIT THE
REQUIRED TIME PERIOD FOR REASON OF ILLNESS OR NEED OF
SPECIAL CARE.

5.    IN THE EVENT AN OWNER QUALIFIES FOR A TAX
CREDIT UNDER THIS SECTION 52-11 (G) ON ALL REQUIREMENTS
EXCEPT INCOME, AND THAT OWNER RECEIVED A LOCAL TAX CREDIT
FOR THE TAXABLE YEAR 1972, THE OWNER SHALL BE ELIGIBLE
FOR A TAX CREDIT NOT LESS THAN THE CREDIT RECEIVED FOR
TAXABLE YEAR 1972, PROVIDED, HOWEVER, THAT SUCH OWNER
SKILL BE ELIGIBLE TO RECEIVE THE TAX CREDIT THROUGH THE
TAXABLE YEAR 1977, ENDING JUNE 30, 1978, IF THE INCOME OR
COMBINED INCOME OF THE OWNER REMAINS WITHIN THE
ELIGIBILITY LIMITS FOR THE TAXABLE YEAR 1972. IN NO
EVENT SHALL ANY OWNER WHO IS ELIGIBLE FOR A TAX CREDIT
UNDER THIS SUBSECTION RECEIVE A TAX CREDIT LESS THAN THAT
TO WHICH SUCH OWNER WOULD BE ENTITLED UNDER PROVISIONS OF
SECTIONS 12D AND 12F, ARTICLE 81, ANNOTATED CODE OF
MARYLAND.

6.    UPON THE DEATH OF AN ELIGIBLE OWNER WHO AT THE
TIME OF HIS DEATH WAS ELIGIBLE TO RECEIVE A TAX CREDIT,
SUCH CREDIT SHALL BE ALLOWABLE TO THE OTHERWISE
INELIGIBLE SURVIVING SPOUSE FOR ONLY THE REMAINDER OF
THAT TAXABLE YEAR AND FOR THE TAXABLE YEAR NEXT
FOLLOWING; PROVIDED, HOWEVER, THAT THE SPOUSE SHALL
SATISFY THOSE CRITERIA SET FORTH IN PARAGRAPHS 2 AND 3,
IN ORDER TO BE ELIGIBLE FOR THE TAXABLE YEAR NEXT
FOLLOWING THE DEATH OF THE ELIGIBLE OWNER.

7.     AN OWNER WHOSE TOTAL INCOME OR COMBINED TOTAL
INCOME FOR THE IMMEDIATELY PRECEDING CALENDAR YEAR IS IN
EXCESS OF $10,000 SHALL BE ENTITLED TO A TAX CREDIT AS
DEFINED ABOVE, BUT SUCH CREDIT SHALL BE REDUCED BY
TWENTY-FIVE PERCENTUM (25%) OF THE EXCESS OF SUCH INCOME
ABOVE $10,000.

8.    WHEN ANY UNIT RECEIVING A TAX CREDIT UNDER
THIS SECTION IS SOLD TO A PURCHASER, THE TAX CREDIT SHALL
BE TERMINATED AS OF THE DATE OF TRANSFER OF THE UNIT
BETWEEN THE PARTIES. THE TOTAL AMOUNT OF ANY TAX CREDIT
SHALL BE INCLUDED IN THE AMOUNT OF ORDINARY TAXES WHICH
WERE PAID BY THE SELLER OF THE UNIT AND WHICH ARE