840 LAWS OF MARYLAND. [CH. 387

the business within and without Maryland, it shall be
presumed in the absence of clear evidence to the contrary
that the value of the property and business within Mary-
land bears to the value of the total business and property
the same ratio which the gross receipts or earnings in
Maryland (exclusive of income from permanent invest-
ments) bears to the total gross receipts or earnings (exclu-
sive of income from permanent investments). All taxes
assessed under this section shall also be subject to the
provisions of paragraph (e) of Section 15.

(b) The assessment of so much of the capital stock of
foreign finance corporations doing business in Maryland
as represents the business done in this State shall be com-
puted in the same way as the assessment of the shares of
stock of domestic finance corporations, the intention being
that a foreign finance corporation doing business in Mary-
land shall be assessed on its own account in the same
amount as it would have been assessed, on account of its
shareholders, if it were a domestic corporation. Assess-
ment of capital stock of foreign finance corporations under
this section shall not exempt such corporations or their
shareholders from any taxes which would otherwise be
payable, except ordinary taxes on the tangible personal
property of such corporations.

SEC. 11. And be it further enacted, That Section 11 and
Section 19 of Article 81 of the Annotated Code of Mary-
land (193, 5 Supplement) be and the same are hereby
repealed and re-enacted with amendments so as to read
respectively as follows:

11. Except as hereinafter provided, all property
directed in this Article to be assessed, shall be assessed at
the full cash value thereof on the date of finality. Any
assessment existing on June 1, 1929, or thereafter made,
shall continue in force from year to year until changed
pursuant to the provisions of this Article.

19. As soon as possible after making any assessments
of property the State Tax Commission shall apportion such
assessments among the counties and/or cities to which the
taxes thereon shall be payable under this Article, and shall
certify such assessments to the County Commissioners and
the collector of each such county and to the Bureau of
Assessment or other appropriate taxing authority and the
collector of each such city, and, in the case of property
subject to taxation for State purposes, to the Comptroller
of the State for collection and payment of the State tax
thereon to the State Treasurer.