HARRY HUGHES, Governor

5159

(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 for the taxable year 1978-1979 in the same manner.

(f) For the 1978-1979 taxable year the county,
Baltimore City or incorporated municipality shall calculate
the amount of tax credit for every taxpayer entitled to the
credit under this section on the tax bill and shall state
the amount of the credit or for the 1978-1979 taxable year
only, show a reassessment limitation which reflects the
taxable assessment for taxpayers eligible for this credit on
the tax bill.]

(D) FOR EACH TAXABLE YEAR THROUGH THE 1984-1985
TAXABLE YEAR, THE TAX CREDIT IN THIS SECTION SHALL BE
CALCULATED BY:

(1) MULTIPLYING THE PRIOR YEAR'S TAXABLE
ASSESSMENT BY 115 PERCENT AND SUBTRACTING THAT AMOUNT FROM
THE CURRENT YEAR'S ASSESSMENT; AND

(2) MULTIPLYING THIS DIFFERENCE, PROVIDED IT IS
A POSITIVE NUMBER, BY THE APPLICABLE COUNTY, BALTIMORE CITY,
OR MUNICIPAL TAX RATE FOR THE CURRENT YEAR.