HARRY HUGHES, Governor                                        323

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §§
12F-7(f), and 12F-l(a)(l), (2), and (5), through (10)
-- except for the fourth sentence of (9) and the third
sentence of (9) as that sentence related to interest
and except as (10)(i) applied to elderly or disabled
renters -- and (b) through (h), (j), (k), and (1)(1),
(4), and (5), and § 12F-6, as it applied to spouse of
eligible homeowners under this section.

In this section, the references to an "individual" are
substituted for the former references to a "person" to
clarify that only an individual may receive a tax
credit under this section.

Subsection (a)(2) of this section, is revised as a
definition of "assets" to clarify the distinction
between the terms "assets" and "net worth".

In subsection (a)(2)(i) of this section, the term
"current market value" is deleted for consistency and
clarity.

In subsection (a)(2)(ii) of this section, the word
"tangible" is added to clarify the legislative intent
to exclude only tangible personal property from the
definition of "assets".

Also in subsection (a)(2)(ii) of this section, the
phrase "the cash value of the life insurance policies
on the life of the homeowner" is substituted for the
former phrase "cash surrender value of life insurance
policies", for clarity.

In subsection (a)(3)(i) of this section, the phrase
"of the homeowner" is added for clarity.

Also in subsection (a)(3)(i) of this section, the
reference to "under § 152" of the Internal Revenue
Code is added for accuracy.

In subsection (a)(3)(ii) of this section, the term
"rent or room and board" is substituted for the former
term "fixed charge", for clarity.

In subsection (a)(4)(i) and (ii) of this section, the
former term "100 percent", which modified "value" is
deleted as superfluous.

In subsection (a)(4)(ii) of this section, the
reference to "marshland" is added to conform to its
treatment in Title 8, Subtitle 2 of this article.

In subsection (a)(7)(ii) of this section, the former
phrase "as these acts may be amended from time to