HARRY HUGHES, Governor

1273

THE PERCENTAGE MAY NOT EXCEED 1.5 PERCENT OF THE FIRST
$4,000 OF GROSS INCOME, 3.5 PERCENT OF THE NEXT $4,000, 5.5
PERCENT OF THE NEXT $4,000, 7.5 PERCENT OF THE NEXT $4,000,

AND 9.0 PERCENT OF ALL GROSS INCOME OVER $16,000. THE

CREDIT MAY NOT BE ALLOWED TO ANY RENTER WHOSE COMBINED NET
WORTH IS IN EXCESS OF $200,000 AS OF DECEMBER 31 OF THE

TAXABLE YEAR. IN THE CASE OF MULTIPLE RENTERS, THE CREDIT

SHALL BE APPORTIONED EQUALLY AMONG THE SEVERAL RENTERS.

12F-3.

(a) In this section, the following words have the
meanings indicated:

(1)  "Assumed real property tax" means 10 percent
of the occupancy rent paid by a renter during the calendar
year.

(2)  "Combined income" means the combined gross
income of all persons [actually residing in] WHO ARE ACTUAL
OCCUPANTS OF the dwelling except those persons who are
dependents according to the Internal Revenue Code or those
persons paying reasonable fixed charges.

(3)  "Department" means the State Department of
Assessments and Taxation.

(4) "Dwelling" means the dwelling unit of a
renter which is used as the principal residence of that
renter. A dwelling may not be deemed a principal residence
which is not actually occupied or expected to be actually
occupied by the renter for at least 6 calendar months of the
calendar year for which the tax credit is sought. THE TERM
INCLUDES A MOBILE HOME PAD UPON WHICH RESTS THE PRINCIPAL
RESIDENCE OF THE RENTER.

(5)  "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, and
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, the aggregate of gifts in excess
of $300, alimony, support money, nontaxable strike benefits,
public assistance received in cash grants, pensions,
annuities, unemployment insurance benefits, and workmen's
compensation benefits. The term includes the net income
received from business, rental, or other endeavors. A loss
from business, rental, or other endeavors may not be used in
the determination of gross income.

(6)  "Net worth" has the same meaning as in
Section 12F-1 of this article.

(7)  "Occupancy rent" means the rent paid for the
right to occupy the dwelling. In instances where utilities
and furnishings are included in the payment, occupancy rent