526 ARTICLE 81.

Tax on Franchise to be a Corporation.

1929, ch. 226, sec. 136.

136. Every ordinary business corporation, excluding charitable, benevo-
lent and fraternal institutions, shall pay annually to the State Treasurer
for the use of the State on or before the first of October in each year suc-
ceeding the date of its incorporation an annual tax for its franchise to be a
corporation (in addition to any other tax imposed by law) at the follow-
ing rate, that is to say:

On the amount of its capital stock issued, outstanding and/or subscribed
for, on the first day of the preceding January, for the first five thousand
dollars or less, the sum of ten dollars.

For every one thousand dollars or fractional part thereof in excess of
said five thousand dollars up to and not greater than fifty thousand dollars,
the additional sum of one dollar.

For every additional two thousand dollars or fractional part thereof in
excess of said fifty thousand dollars up to and not greater than one hundred
thousand dollars, the additional sum of one dollar.

If the amount of such capital stock is more than one hundred thousand

dollars, but not greater than two hundred and fifty thousand dollars, there

shall be an additional annual franchise tax of twenty dollars.

If the amount of such capital stock is more than two hundred and fifty
thousand dollars and not greater than five hundred thousand dollars, there
shall be an additional annual franchise tax of twenty dollars.

If the amount of such capital stock is more than five hundred thousand
dollars and not greater than one million dollars, there shall be an addi-
tional annual franchise tax of thirty dollars.

If the amount of said capital stock is more than one million dollars and
not greater than ten million dollars, there shall be an additional annual
franchise tax at the rate of fifty dollars for each additional million dollars
or fractional part thereof, and on every five million dollars in excess of ten
million dollars, the additional annual franchise tax on such excess shall
be at the rate of one hundred dollars for each five million dollars or frac-
tional part thereof.

Every such corporation which has no part of its capital stock issued, sub-
scribed for or outstanding on the first day of the preceding January, shall
pay for such franchise an annual tax of ten dollars ($10. 00).

For purposes of this section stock without par value shall be treated as
if it were of the par value of one hundred dollars per share.

94. Sec. 94 (old) referred to in construing sec. 142, particularly in connection
with American Casualty Company's case. 82 Md. 535—see notes to secs. 142, 59.
69 and 191. Thompson v. Henderson, 155 Md. 674.

94. Exemption of corporation from tax is not exemption of its stock; tax on
stock is tax upon owners Exemptions must be clearly expressed. Havre de
Grace v. Bridge Co., 145 Md. 191

See important footnote on first page of this article