HARRY HUGHES, Governor

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(II) THE AMOUNT OF THE ASSESSMENT AS OF
JANUARY 1, 1979;

(III) THE ADJUSTED 1976 ASSESSMENT WHICH
IS THE PRODUCT OF THE AMOUNT OF THE ASSESSMENT AS OF JANUARY
1, 1976 MULTIPLIED BY 153 PERCENT.

(5) THE FOLLOWING DETERMINATIONS SHALL BE MADE
FOR THE 1981-1982 TAXABLE YEAR TO CALCULATE THE AMOUNT OF
THE CREDIT PROVIDED IN SUBSECTION (E) OF THIS SECTION:

(I)   THE AMOUNT OF THE ASSESSMENT OF THE
DWELLING AS OF JANUARY 1, 1981;

(II)   THE AMOUNT OF THE ASSESSMENT AS OF
JANUARY 1, 1980;

(III)   THE ADJUSTED 1976 ASSESSMENT WHICH
IS THE PRODUCT OF THE AMOUNT OF THE ASSESSMENT AS OF JANUARY
1, 1976 MULTIPLIED BY 175 PERCENT.

[(4)] (6) In any taxable year in which a credit
is authorized under this section subsequent to a taxable
year in which a credit was not authorized by subsection (c)
of this section, the adjusted 1976 assessment as defined in
this subsection shall mean the actual assessment for the
fiscal year preceding the fiscal year in which the credit is
again authorized multiplied by 115 percent.

(e) (1) For the 1977-1978 taxable year, the amount by
which the assessment as of January 1, 1977 exceeds the
adjusted 1976 assessment shall be multiplied by the
applicable county, Baltimore City or municipal tax rate for
this year. The product shall be the amount of the tax
credit.

(2) For the 1978-1979 taxable year only, the
credit shall be calculated by:

(i) Comparing the 1977 actual assessment
with the adjusted 1976 assessment, as determined in
subsection (d)(2) of this section, and selecting the lesser
of the two amounts;

(ii) Multiplying the lesser of the two
amounts by 115 percent;

(iii) Subtracting this product from the
1978 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
(2) shall be the amount of the tax credit for the 1978-1979
taxable year.