1186 ARTICLE 89B.

1933, ch. 551, sec. 7. 1933 (Special Sess. ), ch. 34, sec. 7.

64G. A franchise tax is hereby levied annually upon the gross receipts
of said Corporation, its successors and assigns derived from the tolls and
other revenues from said bridge, such tax being as follows, to wit: 2 1/2%
of so much of such gross receipts as shall be in excess of $500, 000 in any
one year, and in addition thereto 3 1/2% of so much of such gross receipts
as shall be in excess of $500, 000 and not in excess of $1, 000, 000 for such
year, and in addition thereto 5 1/2% of so much of such gross receipts for
such years as shall be in excess of $1, 000, 000 and that for the purpose of
determining said tax, said Corporation, its lessees, its successors and
assigns and any purchaser thereof shall make the appropriate reports and
be subject to the appropriate penalties provided with respect to franchise
taxes measured by gross receipts in Article 81 of the Code of Public
General Laws of Maryland (1929 Supplement), and of said tax 1/2% of
such gross receipts as above specified shall be payable to the Treasurer of
the State and the remainder thereof shall be payable to the Treasurer of
Charles County and it shall be the duty of the State Tax Commission, when
it has ascertained and fixed the amount of such tax to certify to the Comp-
troller of the Treasury and to the Treasurer of Charles County and to the
George Washington Memorial Bridge Public Corporation, the amount of
such tax due the State of Maryland and the said Charles County, and
thereupon said tax shall be collectible by the Treasurer of the State of
Maryland and by the Treasurer of Charles County as other county and
state taxes due from corporations are collected.

Provided, however, that the franchise tax herein made payable to the
State of Maryland and to Charles County shall not be levied or assessed
upon the tolls and revenues of said bridge derived between the commence-
ment of operation thereof and fifteen years after the first day of January
next following such commencement of operation.

Said franchise tax shall be in lieu of all taxes which might otherwise be
levied by this State, or by any county, municipality or other taxing
authority therein, upon said bridge and appurtenant structures, upon its
fills, approaches and rights of way, upon the tolls and revenue thereof, or
upon the franchises for the construction and operation of said bridge, and
shall also be in lieu of all such other taxes upon said Corporation, its suc-
cessors or assigns, or upon the holders of the capital stock of said Corpo-
ration, its successors or assigns, based upon the ownership by said Cor-
poration, its successors or assigns, or said bridge and its appurtenances, or
based upon the receipt by said Corporation, its successors or assigns, of all
the tolls and revenues thereof, it being hereby declared that said property
in the hands of said Corporation, its successors and assigns, and the holders
of said stock, shall be forever free and exempt from all of said taxes. The
exemption herein provided shall not be extended, however, directly or in-
directly, so as to include any real or personal property otherwise subject
to taxation which may be owned by said Corporation, its lessees, successors
or assigns, apart from and in addition to the property hereinabove, specifi-
cally exempted from such taxation, but any and all land, water rights, and