486 LAWS OF MARYLAND. [CH. 270

Maryland, and the same shall be distributed by him as
follows: 10% thereof shall be retained by the said Treas-
urer for the use of the State, and the remaining 90% shall
be distributed by him to the counties and cities which shall
be entitled to receive taxes or charges in the nature of
taxes from said Company or its receiver, successors and
assigns in said year but for the provisions of this Act and
in the same proportions that the amounts due them respec-
tively bear to the aggregate taxes payable to all of them but
for the provisions of this Act. Said net income shall be
all the operating revenues from the operation of said rail-
road properties situate in this State after deducting there-
from all expenses incurred in the operation of said railroad
properties situate in- this State, and such amount as may
be properly allowed for the depreciation thereof, and an
amount equal to the interest paid on car trusts equipment
obligations, but no interest on other obligations or divi-
dends on stock. In calculating the net income subject to
the tax herein provided, the operating revenues from the
railroad property situate in this State shall be taken to be
that proportion of the operating revenues from all the rail-
road properties situate in Maryland and the District of
Columbia owned and/or operated by the said Railroad
Company, its receiver, successors and assigns as the num-
ber of miles of track situate in this State so owned and/or
operated by such company its receiver, successors and as-
signs bears to the total number of miles of track situate
both inside and outside of this State so owned and/or
operated, and the operating expenses allowed as herein-
above provided shall be arrived at on the same basis.

The said Company or its receiver, successors and as-
signs shall, on or before the first day of March succeeding
each calendar year, report, under oath, to the Treasurer of
the State of Maryland the amount of gross receipts, the
amount of deductions allowable under the provisions here-
of, and the amount of net income calculated as above, and
furnish such other information in regard to said revenues
and expenses as the Treasurer may require, and pay the
amount of said tax, if any, on or before the first day of
July succeeding such tax year.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1933.

Approved April 21, 1933.