REVENUE AND TAXES 3087

provided shall thereafter bear interest at the rate of one-half of one per
cent for each month or fraction of a month; if such tax shall not be paid
before the first day of December following, a penalty of five per cent on
the amount thereof shall be added.

Cited but not construed in Rosenburg v. Bouse, 172 Md. 532.

As to State Tax Commission, see sec. 167, et seq.

1929, ch. 226, sec. 139.

147. One-half of the said franchise tax, together with the interest and
penalty, if any, shall be held by the Treasurer for the use of the State, and
the other half shall be paid by him forthwith to the county or City of Balti-
more where the principal office of said corporation shall be situated, but if
such principal office be situated in a city (other than the City of Balti-
more) said last mentioned one-half shall be equally divided between such
city and the county in which the same is situated.

Franchise Tax on Foreign Corporations.

An. Code, 1924, art. 23, sec. 122. 1912, sec. 95. 1922, ch. 180, sec. 95. 1918, ch. 469, sec. 2.
1908, ch. 240, sec. 70. 1929, ch. 226, sec. 140. 1933, ch. 347.

148. Every foreign corporation, except insurance companies of all
classes, charitable and benevolent institutions and corporations subject to
a franchise tax measured by gross receipts, which does business or exer-
cises its franchises or maintains an office in this State, shall pay to the
State Treasurer, for the use of the State, an annual franchise tax upon
the amount of capital employed by it in this State on the preceding first
day of January, as determined by the State Tax Commission, at the fol-
lowing rates, that is to say:

The sum of twenty-five dollars for every fifty thousand dollars, or frac-
tional part thereof of capital employed by it in this State up to five hun-
dred thousand dollars—but in no case less than twenty-five dollars.

If the amount of such capital is more than five hundred thousand dol-
lars, and not more than five million dollars, then an additional amount
equal to one-fortieth of one per cent on the excess.

If more than five million dollars, then an additional amount at the rate
of thirty dollars for every million dollars of such last-named excess.

1929, ch. 226, sec. 141. 1931, ch. 260.

149. The State Tax Commission shall annually on or before the first
day of June ascertain the amount of capital employed in this State by
each foreign corporation and shall certify the same, with the amount of
franchise tax due thereon by the corporation, to the Comptroller of the
Treasury, who shall at once transmit a bill for said tax to the corporation;
and such tax shall be payable to the Treasurer without interest at any time
on or before August first of such year, provided the account is mailed on or
before July first; and if the account shall not be mailed until after July
first, the same shall be payable without interest, at any time within thirty
days after the mailing of the account. All franchise taxes on foreign cor-
porations not paid on or before August first, or within thirty days after
the mailing of the account, as above provided, shall thereafter bear interest
at the rate of one-half of one per cent, for each month or fraction of a
month; and if such tax shall not be paid before the first day of December
following a penalty of five per cent, on the amount thereof shall be added.