1975]

HOUSE OF DELEGATES

9

ACT concerning

Property Tax Credits for Homeowners —
Cigarette Tax, Increase in Rate - Inheritance
Tax, Tax on Collaterals — Income Tax, Definition
of Net Income, Individual Income Tax, Advancement
of Collection of Withholding

the purpose of repealing the provisions of Chapter
750 of the Acts of the General Assembly of 1974 and
certain property tax credit and property tax relief
programs for certain homeowners; providing for a
property tax credit program for certain homeowners;
providing that persons receiving benefits under
existing tax credit programs will not receive a
diminution of benefits; requiring that the counties,
municipalities and Baltimore City shall fund a
portion of this program; providing for the
administration of the program; requiring the
Department of Assessments and Taxation to compile
certain data; authorizing the counties and Baltimore
City to grant a property tax credit to certain
homeowners by reason of disability; providing for a
study for further implementation of property tax
credit relief; increasing the tax on cigarettes;
changing the discount and distribution of the
revenues from the tax on cigarettes; providing a
certain inheritance tax rate on every certain amount
of clear value of property having a taxable situs in
this State; deleting from modifications made with
respect to the net income of a corporation (1) the
subtraction of 50 percent of the excess of net
long—term capital gain over short—term capital loss
and (2) the addition of the net operating loss
deduction as defined in Section 172 of the Internal
Revenue Code; deleting from the modifications made
with respect to the net income of an individual
taxpayer the addition of the net operating loss as
defined in Section 172 of the Internal Revenue Code;
changing the date for filing quarterly payments of
income taxes withheld by employers; providing for an
appropriation for the 1975-1976 fiscal year of the
funds necessary to reimburse the counties and
Baltimore City for a property tax credit program;
and relating generally to a property tax credit
program financed in the 1975-1976 fiscal year by an
increase in cigarette taxes, an increase in the tax
on certain inheritances, adjustments in the
definition of net income, and advancement of
collection of certain withholding taxes.

repealing

Chapter 750 of the Acts of the General