SPIRO T. AGNEW, Governor                      1203

land (1965 Replacement Volume), title "Revenue and Taxes," sub-
title "Income Tax," be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

288.

(f) In addition to the tax imposed elsewhere in this subtitle
upon the net income of every corporation (domestic or foreign),
there is hereby annually levied and imposed, beginning as of July 1,
1956, a tax on the net income of every corporation (domestic or
foreign) at the rate of one-half of one per cent (½%), and beginning
as of July 1, 1967 in addition to this tax an additional tax of one-
quarter of one per cent (¼%) of such portion thereof as is allocable
to this State under the provisions of Section 316 hereof, except as
herein specifically provided otherwise, the tax imposed by this sub-
section shall in all respects be imposed and collected and subject
to the same laws, regulations and provisions as those imposed else-
where in this article upon the net income of such corporations.
If the taxpayer is on a calendar year basis, the increase in rate
over that formerly levied and imposed shall be paid upon net income
for the last six months of the years 1956 and for 1967, as the case may
be, determined by a pro rata computation against net income for the
entire years of 1956 and/or 1967, as the case may be. If the taxpayer is
on a fiscal basis, the increase in rate over that formerly levied and
imposed shall be paid upon net income for such part of any fiscal year
which follows July 1, 1956 and/or July 1, 1967, as the case may be,
determined by a pro rata computation against net income for the entire
fiscal year. The tax imposed and collected pursuant to the provisions
of this subsection shall be remitted by the Comptroller to the State
Treasurer. The State Treasurer shall first set aside in the Annuity
Bond Fund so much, if any, as shall be required to make payments of
principal and interest due in the year of receipt and in the next follow-
ing year, to the extent that such amounts have not previously been
so set aside on the bonds or certificates of indebtedness issued
under provisions of Section 8 of Article 62B of the Annotated Code
of Maryland (1957 Edition, as amended), title "Maryland Port Au-
thority." Thereafter, the State Treasurer shall set aside in the An-
nuity Bond Fund so much, if any, as shall be required to make pay-
ments of principal and interest due in the year of receipt and in
the next following year, to the extent that such amounts have not
previously been so set aside on the bonds or certificates of indebted-
ness issued under provisions of Sections 8A and 8B of Article 62B
of the Annotated Code of Maryland (1957 Edition, as amended),
title "Maryland Port Authority." Such additional amounts, if any,
as are received, shall be held in a special fund which is hereby
created and known as the "Maryland Port Authority Fund," said
fund to be thereafter held and distributed in accordance with the
provisions applicable to said fund which are contained in Article
62B of the Annotated Code of Maryland, title "Maryland Port Au-
thority." The proceeds of the tax imposed and collected by this sub-
section shall not be paid into or credited to the general funds of
the State.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1967.

Approved April 21, 1967.