HARRY HUGHES, Governor                                2629

AN ACT concerning

Property Tax Credits - Additional Assessment Limitation

FOR the purpose of altering the calculations used in the
property tax credits based on increased assessments
program to prevent the adjusted assessment on which the
tax is based from increasing beyond a certain limit
from year to year; providing a retroactive additional
tax credit for the 1979-1980 taxable year under certain
circumstances; correcting errors; and requiring that

any additional credit be refunded with interest.

circumstances; requiring it to be paid, subject to
certain limitations; correcting errors; and providing
for this retroactive additional credit amount to be
included in the calculation of the constant yield tax
rate for a certain year.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 12F-7(d)(4), (d)(5), (e)(4), and (e)(5)

Annotated Code of Maryland

(1975 Replacement Volume and 1979 Supplement)

BY adding to

Article 81 - Revenue and Taxes

Section 12F-7(k)

Annotated Code of Maryland

(1975 Replacement Volume and 1979 Supplement)

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 232C(a)(3) and (b)(l)

Annotated Code of Maryland

(1975 Replacement Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 - Revenue and Taxes

12F-7.

(d) (4) The following determinations shall be made for
the 1980-1981 taxable year to calculate the amount of the
credit provided in subsection (e) of this section:

(i) The amount of the assessment of the
dwelling as of January 1, 1980;