BLAIR LEE III, Acting Governor                        1185

taxable year and specifying the amount of the credit
resulting from the calculations; and correcting a
technical error.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 12F-7(a)

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

BY repealing

Article 81 — Revenue and Taxes

Section 12F-7(d) and (e)

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

BY adding to

Article 81 — Revenue and Taxes

Section 12F-7(d) and (e)

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

Preamble

WHEREAS, The House Ways and Means Committee, as a
result of its 1977 interim work, is recommending a bill
amending Chapter 959 of 1977 to clarify the manner of
calculating the property tax credit authorized for the 1978
and 1979 taxable years as a result of a certain increased
assessed value of residential property; and

WHEREAS, The Legislative Policy Committee, by
consensus, has agreed that the tax credit established by
Chapter 959 of 1977 should be extended through the 1980
taxable year and that the extension is to be included in the
1978 legislative program endorsed by the Policy Committee;
and

WHEREAS, The Policy Committee, however, recommends that
the extension of the tax credit established by Chapter 959
be accomplished by a separate bill instead of amending the
Ways and Means Committee bill (which is an emergency
measure); and

WHEREAS, For drafting purposes, the provisions of this
bill repeat the proposed language of the Ways and Means
Committee bill, adds language that extends the existence of
the law for the taxable year 1979—1980, and provides for the
method of calculating the tax credit; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF