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HARRY HUGHES, Governor 2631
(ii) Multiplying the lesser LEAST of [two]
THE THREE amounts by 115 percent;
(iii) Subtracting this product from the
1981 actual assessment;
(iv) Multiplying this difference, provided
it is a positive number, by the applicable county, Baltimore
City, or municipal tax rate for this year. The amount
determined in step (iv) of this paragraph [(4)] shall be the
amount of the tax credit for the 1981-19&2 taxable year.
(K) (1) FOR THE 1979-1980 TAXABLE YEAR EACH COUNTY,
BALTIMORE CITY, AND INCORPORATED MUNICIPALITY SHALL
RECALCULATE THE TAX CREDIT AS FOLLOWS:
(I) DETERMINE THE AMOUNT OF THE ASSESSMENT
AS OF JANUARY 1, 1978;
(II) DETERMINE THE AMOUNT OF THE
ASSESSMENT AS OF JANUARY 1, 1979;
(III) DETERMINE THE AMOUNT OF THE ADJUSTED
1976 ASSESSMENT WHICH IS THE PRODUCT OF THE AMOUNT OF THE
ASSESSMENT AS OF JANUARY 1, 1976 MULTIPLIED BY 132 PERCENT;
(IV) DETERMINE THE AMOUNT OF THE PRIOR
YEAR ADJUSTED ASSESSMENT WHICH IS THE AMOUNT DETERMINED IN
SUBPARAGRAPH (E)(2)(II) OF THIS SECTION;
(V) COMPARE THE AMOUNTS DETERMINED IN
SUBPARAGRAPHS (I), (III), AND (IV) ABOVE, AND SELECT THE
LESSER LEAST OF THE THREE AMOUNTS;
(VI) MULTIPLY THE LESSER LEAST OF THE
THREE AMOUNTS BY 115 PERCENT;
(VII) SUBTRACT THE PRODUCT IN SUBPARAGRAPH
(VI) FROM THE AMOUNT DETERMINED IN SUBPARAGRAPH (II) ABOVE;
(VIII) MULTIPLY THIS DIFFERENCE, PROVIDED
IT IS A POSITIVE NUMBER, BY THE APPLICABLE COUNTY AND/OR
CITY PROPERTY TAX RATE FOR THE 1979-1980 TAXABLE YEAR. THIS
AMOUNT SHALL BE THE AMOUNT OF THE TAX CREDIT FOR THE
1979-1980 TAXABLE YEAR.
(2) IF THE AMOUNT OF TAX CREDIT CALCULATED
PURSUANT TO SUBPARAGRAPH (1) OF THIS SUBSECTION (K) IS
GREATER THAN THE AMOUNT CALCULATED PURSUANT TO SUBPARAGRAPH
(E)(3) OF THIS SECTION, THE AMOUNT, IF ANY, OF THE
ADDITIONAL CREDIT SHALL BE REMITTED TO THE TAXPAYER BY JUNE
30, 1980 WITH INTEREST AT 8 PERCENT FROM OCTOBER 1, 1979.
OCTOBER 1, 1980 IF THE TAXPAYER WAS STILL A RESIDENT OF THE
SAME DWELLING AT THE TIME OF REMITTANCE AND IF THE
ADDITIONAL CREDIT IS IN EXCESS OF $10.
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