MARVIN MANDEL, Governor

707

(V)          EXTENSIVE IMPROVEMENTS HAVE NOT
BEEN MADE TO THE IMPROVEMENTS ON THE EXISTING PROPERTY
DURING THE CALENDAR YEAR 1975; AND

(VI)       THE ASSESSMENT FOR THE TAXABLE
YEAR 1975-1976 WAS NOT CLEARLY ERRONEOUS DUE TO AN ERROR
IN CALCULATION OR MEASUREMENT OF THE IMPROVEMENTS ON THE
PROPERTY,

(4) SUBJECT TO THE PROVISIONS OF PARAGRAPH
(3) OF THIS SUBSECTION, THE AMOUNT OF THE CREDIT IN EACH

OF THE TAXABLE YEARS 1976-1977 AND 1977-1978 SHALL BE

CALCULATED AS FOLLOWS:

(I)         FOR THE TAXABLE YEAR 1976-1977,
THE AMOUNT OF THE CREDIT SHALL BE CALCULATED BY
SUBTRACTING FROM THE ASSESSMENT APPLICABLE TO THE TAXABLE
YEAR 1976-1977 AN AMOUNT EQUAL TO 136 PERCENT OF THE
ASSESSMENT FOR THE TAXABLE YEAR 1975-1976 AND AN AMOUNT
EQUAL TO 33-1/3 PERCENT OF THE INCREASE IN EXCESS OF 136
PERCENT AND MULTIPLYING THE DIFFERENCE BY THE TOTAL
AMOUNT OF THE APPLICABLE COUNTY, CITY, OR INCORPORATED
MUNICIPALITY TAX RATES IMPOSED FOR THAT TAXABLE YEAR;

(II)       FOR THE TAXABLE YEAR 1977-1978,
THE AMOUNT OF THE CREDIT SHALL BE CALCULATED AS PROVIDED
IN SUBPARAGRAPH (I) OF THIS PARAGRAPH. EXCEPT THAT 66-2/3
PERCENT OF THE INCREASE IN EXCESS OF 136 PERCENT SHALL BE

ADDED TO 136 PERCENT AND THE DIFFERENCE SHALL BE

MULTIPLIED BY THE TOTAL AMOUNT OF THE APPLICABLE COUNTY,
CITY, OR INCORPORATED MUNICIPALITY TAX RATES IMPOSED FOR
THAT TAXABLE YEAR.

(5)          NOTWITHSTANDING ANY OTHER PROVISIONS OF
THIS SUBSECTION, IF A DWELLING WHICH HAS RECEIVED A TAX
CREDIT UNDER THIS SUBSECTION IS SOLD OR OTHERWISE
TRANSFERRED DURING THE TAXABLE YEARS 1976-1977 OR
1977-1978, THE AMOUNT OF THE CREDIT GRANTED FOR THE
CURRENT TAX YEAR SHALL BE PAID BY THE SELLER OR
TRANSFEROR TO THE LOCAL TAX COLLECTOR BEFORE THE DEED OR
OTHER INSTRUMENT CONVEYING TITLE TO THE PROPERTY MAY BE
RECORDED.

(6)         THIS SUBSECTION SHALL NOT SUPERSEDE OR
DENY THE GRANTING OF A TAX CREDIT UNDER THE PROVISIONS OF
SECTION 12F-1 OF THIS ARTICLE IN ADDITION TO THE CREDIT
AUTHORIZED BY THIS SUBSECTION.

(7)         THE PROVISIONS OF THIS SUBSECTION SHALL

BECOME NULL AND VOID ON JUNE 30, 1978, WITHOUT FURTHER

ACTION BY THE GENERAL ASSEMBLY.

SECTION 3.        AND BE IT FURTHER ENACTED, That

[[Sections 232(8)(c) and (c)(1)]] Section 232(8)(c); of
Article 81 - Revenue and Taxes, of the Annotated Code of
Maryland (1975 Replacement Volume and 1975 Supplement) be
and [[they are]] it is hereby repealed: