ALBERT C. RITCHIE, GOVERNOR. 485

assigns, from all State taxes and charges, including con-
tributions to the cost of construction of railroad cross-
ings made or to be made under the authority of the State
Roads Commission, and from all county and city taxes
and charges in the nature of a tax for the years during
which the property is so used, but not exceeding two
years beginning January 1, 1933, provided that if said
railroad property should earn a net income during either
of said years, the said Company, its receiver, successor
and assigns shall pay as a tax an amount equal to all
of said net income so earned during said year or years
in lieu of said taxes and other charges, but not exceeding
the aggregate amount of said taxes and other charges
and defining the method of arriving at net income and
the payment of said taxes on said net income and the
distribution thereof to the State and other taxing author-
ities in the State.

WHEREAS, The Washington, Baltimore and Annapolis
Electric Railroad Company did not in the year 1932 earn
its operating charges, and it is of the utmost importance
for the welfare of the State and particularly the communi-
ties served by said railroad, that the operations of said rail-
road be continued, and

WHEREAS, It is in the judgment of the General
Assembly of Maryland a wise and sound public policy to
encourage the continued operation of said railroad by the
exemption herein provided:

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the railroad property of the Washington,
Baltimore and Annapolis Electric Railroad Company, or
so much thereof as may be used for railroad purposes by
said Company, its receiver, successors and assigns, be ex-
empt from all State taxes and charges, including contribu-
tions to the cost of construction of railroad crossings made
or to be made under the authority of the State Roads Com-
mission, and from all county and city taxes -and charges
in the nature of a tax for the years during which the prop-
erty is so used, but not exceeding two years beginning
January 1, 1933, provided that if in either or both of said
years, the said railroad property shall earn a net income,
the said Company its receiver, successors or assigns shall
paw a tax equal to all of said net income, but not exceeding
the aggregate amount of said taxes and other charges
which tax shall be payable to the Treasurer of the State of