(1) 88% OF ITS ASSESSMENT FOR THE TAXABLE YEAR BEGINNING JULY

1, 2000;

(2) 76% OF ITS ASSESSMENT FOR THE TAXABLE YEAR BEGINNING JULY

(3) 64% OF ITS ASSESSMENT FOR THE TAXABLE YEAR BEGINNING JULY

(4) 52% OF ITS ASSESSMENT FOR THE TAXABLE YEAR BEGINNING JULY

(5) 40% OF ITS ASSESSMENT FOR THE TAXABLE YEAR BEGINNING JULY
1, 2004 AND EACH SUBSEQUENT TAXABLE YEAR.

(1) 75% OF ITS VALUE FOR THE TAXABLE YEAR BEGINNING JULY 1, 2000;

AND

(2) 50% OF ITS VALUE FOR THE TAXABLE YEAR BEGINNING JULY 1. 2001
AND EACH SUBSEQUENT TAXABLE YEAR

8-101.

(c) Personal property is a class of property and is divided into the following
subclasses:

(1) stock in business;

(2) distilled spirits;

(3) operating personal property of a railroad;

(4) OPERATING PERSONAL PROPERTY OF A PUBLIC UTILITY THAT IS
MACHINERY OR EQUIPMENT USED TO GENERATE ELECTRICITY;

[(4)] (5) ALL OTHER operating personal property of a public utility;

(6) MACHINERY AND EQUIPMENT USED TO GENERATE ELECTRICITY
OTHER THAN OPERATING PERSONAL PROPERTY OF A PUBLIC UTILITY; and

[(5)] (7) all other personal property that is directed by this article to be

assessed.
8-109.

(H) (1) IN DETERMINING WHETHER TO CLASSIFY A COMPANY AS A PUBLIC
UTILITY, THE DEPARTMENT SHALL CONSIDER AND EVALUATE WHETHER THE
COMPANY:

(I) IS SUBJECT TO THE AUTHORITY OF A REGULATORY BODY OF
THE STATE OR THE FEDERAL GOVERNMENT, SUCH AS THE MARYLAND PUBLIC
SERVICE COMMISSION, THE FEDERAL COMMUNICATIONS COMMISSION, OR THE
FEDERAL ENERGY REGULATORY COMMISSION;