HARRY HUGHES, Governor

3501

(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 shall be the
amount of the tax credit for the 1980-1981 taxable year.

(5) For the 1981-1982 taxable year only, the
credit shall be calculated by:

(i) Comparing the 1980 actual assessment,
the adjusted 1976 assessment, and the prior year adjusted
assessment, as determined in subsection (d)(5) of this
section, and selecting the least of the three amounts;

(ii) Multiplying the least of 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 shall be the
amount of the tax credit for the 1981-1982 taxable year,

(6) For the 1982-1983 taxable year only, the
credit shall be calculated by:

(i) Comparing the 1981 actual assessment,
the adjusted 1976 assessment, and the prior year adjusted
assessment which is the amount determined in (e)(5)(ii), and
selecting the least of the three amounts;

(ii) Multiplying the least of the three
amounts by 115 percent;

(iii) Subtracting this product from the

1982 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 product of
this calculation shall be the amount of the tax credit for
the 1982-1983 taxable year.

(7) Any county, Baltimore City, or municipal
corporation that interpreted the provisions of Section 12F-7
enacted pursuant to Chapter 959 of the Acts of 1977 in such

a manner that for taxable year 1977-1978 the tax credit was

calculated on an amount of assessment equivalent to 115
percent of the total increase in assessment from January 1,
1976 to January 1, 1977 may continue to calculate the tax
credit from the taxable year 1978-1979 in the same manner.