472 LAWS OP MARYLAND. [CH. 295

of four percent (4%) of such portion thereof as is allocable
to this State under the provisions of Section 253 hereof.

(e) The following shall not be liable for the tax imposed
by this section:

(1) National and State banks and trust companies;

(2) Mutual saving institutions;

(3) Federal and domestic mutual building and loan asso-
ciations ;

(4) Insurance companies as defined in Section 101 of this
Article;

(5) Religious, educational, charitable, social, fraternal and
other similar corporations not organized or conducted for
profit, no part of the net earnings of which inure to the benefit
of any private shareholder or individual but. not including
corporations organized for the exclusive purpose of holding
title to property and collecting income therefrom unless the
entire amount of such income less related expenses is turned
over to a corporation or organization which itself is exempt
from the tax imposed by this sub-title; and

(6) Farmers' or other mutual hail, cyclone or fire insur-
ance companies or associations, the income of which is used
or held for the purpose of paying losses or expenses.

(f) If the taxpayer's taxable year is a fiscal year ending
in 1948, such taxpayer shall compute his tax liability as pre-
scribed in this section in the following manner: A tax shall
first be computed according to the rates applicable to the
calendar year 1947. A tentative tax shall then be computed
according to the rates applicable to the calendar year 1948
and the difference between the tax and the tentative tax shall
be determined. Such taxpayer's liability under this section
shall be the sum of (a) the tax as computed according to the
rates applicable to the calendar year 1947, and (b) that pro-
portion of the difference between the tax and the tentative tax,
as defined above, as the number of months in the taxpayer's
fiscal year or period which fall in the calendar year 1948 bears
to the whole number of months of such fiscal year or period.
This sub-section shall be inapplicable for the calculation of
any tax on any return filed which covers a fiscal year or period
ending after December 31, 1948.

SEC. 2. And be it further enacted, That Sub-sections (a)
and (c) to (i), inclusive, of Section 230B of Article 81 of the
Annotated Code of Maryland (1943 Supplement), title "Reve-
nue and Taxes", sub-title "Income Tax", as said section was
amended by Chapter 92 of the Acts of 1945, be and the same
are hereby repealed and re-enacted, with amendments, to read
as follows: