MARVIN MANDEL, Governor

19

follows:

12F-1.

Article 81 — Revenue and Taxes

(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,
COUNTIES, BALTIMORE CITY, MUNICIPAL CORPORATIONS AND
SPECIAL TAXING DISTRICTS FOR CERTAIN HOMEOWNERS BY REASON
OF INCOME.

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

(1)     "HOMEOWNER" MEANS EVERY PERSON WHO BY JULY 1
OF THE TAXABLE YEAR IN WHICH THE CREDIT IS TO BE ALLOWED,
IS 60 YEARS OF AGE OR OLDER AND WHO ACTUALLY RESIDES IN A
DWELLING IN WHICH THE PERSON HAS A LEGAL INTEREST,
INCLUDING ANY LIFE ESTATE, WHETHER AS SOLE OWNER, JOINT
TENANT, TENANT IN COMMON, TENANT BY THE ENTIRETIES OR
THROUGH MEMBERSHIP IN A COOPERATIVE.

(2)     "GROSS INCOME" MEANS TOTAL INCOME FROM ALL
SOURCES, FOR THE CALENDAR YEAR IMMEDIATELY PRECEDING THE
TAXABLE YEAR, WHETHER OR NOT INCLUDED IN THE DEFINITIONS
OF GROSS INCOME FOR FEDERAL OR STATE TAX PURPOSES,
INCLUDING BUT NOT LIMITED TO BENEFITS UNDER THE SOCIAL
SECURITY ACT OR RAILROAD RETIREMENT ACT AS THESE ACTS MAY
BE AMENDED FROM TIME TO TIME, GIFTS IN EXCESS OF $300,
ALIMONY, SUPPORT MONEY, NONTAXABLE STRIKE BENEFITS,
PUBLIC ASSISTANCE RECEIVED IN CASH GRANTS, PENSIONS OP
ANNUITIES, UNEMPLOYMENT INSURANCE BENEFITS, AND WORKMEN'S
COMPENSATION BENEFITS. GROSS INCOME SHALL INCLUDE THE
NET INCOME RECEIVED FROM BUSINESS, RENTAL, OR OTHER
ENDEAVORS BUT IN NO EVENT SHALL A LOSS FROM BUSINESS,
RENTAL OR OTHER ENDEAVORS BE USED IN THE DETERMINATION OF
GROSS INCOME.

(3)    "COMBINED INCOME" MEANS THE COMBINED GROSS
INCOME OF ALL HOMEOWNERS, IF MORE THAN ONE, AND ALL
PERSONS 18 YEARS OF AGE OR OLDER AS OF JULY 1 OF THE
TAXABLE YEAR IN WHICH THE CREDIT IS TO BE ALLOWED
ACTUALLY RESIDING IN THE SAME DWELLING, EXCEPT PERSONS
WHOSE CONTRIBUTIONS, REASONABLY APPORTIONABLE TOWARD THE
COST OF UPKEEP, MAINTENANCE, AND REPAIR OF THE DWELLING,
ARE IN THE FORM OF FIXED RENTAL CHARGES.

(4)     "DWELLING" MEANS THE DWELLING HOUSE OF ONE OR
MORE HOMEOWNERS AND THE LOT OR CURTILAGE WHERE IT IS
ERECTED, WHICH IS USED AS THE PRINCIPAL RESIDENCE OF THAT
HOMEOWNER OR HOMEOWNERS. NO DWELLING MAY BE DEEMED A
PRINCIPAL RESIDENCE WHICH IS NOT ACTUALLY OCCUPIED OR