HARRY HUGHES, Governor

3405

This bill makes changes related to the tax credit
program commonly referred to as the "115% Credit Program."
The program is designed to provide homeowners with local
property tax credits when the assessment for the particular
property increases by more than 15% over the prior year's
assessment. The issue addressed by the bill is that, due to
the design of the formula used to calculate the credit,
certain homeowners in 1979 were required to pay property
taxes on an assessment that had actually increased by more
than 15% over the assessment used for tax billing purposes
in 1978.

To address this problem, the bill changes the method of
calculation of the credit for the 1979-80 taxable year only.
Further, the bill requires that each subdivision of the
State recalculate the credits for 1979-80 and refund to the
taxpayer any excess payments, with interest, by October 1,
1980.

House Bill 847, which was enacted by the General
Assembly, includes these same changes. In addition, House
Bill 847 also changes the method of calculation for the
remaining two years of the credit program.

I have decided to veto House Bill 761 in favor of House
Bill 847, which I signed today.

Sincerely,
Harry Hughes
Governor

House Bill No. 830

AN ACT concerning

Creation of a State Debt - Memorial Stadium

FOR the purpose of authorizing the creation of a State Debt
in the aggregate amount of $1,000,000, the proceeds to
be used for a State grant to the Mayor and City Council
of Baltimore for the construction, renovation,
improvement, and equipping of Memorial Stadium on 33rd
Street in the City of Baltimore; permitting a portion
of the proceeds to be used for the construction,
renovation, improvement, expansion, and equipping of
the baseball team quarters and offices at Memorial
Stadium; and providing generally for the issue and sale
of bonds evidencing the loan.