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Session Laws, 1941
Volume 582, Page 1681   View pdf image (33K)
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HERBERT R. O'CONOR, GOVERNOR. 1681

amount equal to the difference between the tax computed at
the foregoing rates on the total amount of authorized capital
stock of the corporation including the proposed increase, and
the tax so computed on the amount of authorized capital
stock, excluding the proposed increase; but in the case of
an increase of the authorized capital stock of a railroad cor-
poration incorporated under the laws of this State and under
the laws of one or more other States, the tax shall be based
upon such proportion of the amount of authorized capital
stock, before and after such increase, as the all track mile-
age of such railroad within this State bears to the all track
mileage of such railroad within and without this State.

(b) In the case of the consolidation of existing corporations
to form a new corporation, no bonus tax shall be payable if
such new corporation is to be a foreign corporation, and if
such new corporation is to be a domestic corporation it shall
be required to pay a bonus tax only for the amount of its
authorized capital stock in excess of the aggregate amount of
the authorized capital stock of the consolidating corporations,
such tax to be in amount equal to the difference between the
tax computed at the foregoing rates on the aggregate amount
of the authorized capital stock of the consolidating corpora-
tions and the tax so computed on the amount of authorized
capital stock of the new corporation. A merger of existing
corporations shall be deemed to be the equivalent of a con-
solidation of existing corporations, and the surviving cor-
poration shall be required to pay the bonus tax, if any, which
would have been payable by it as a new corporation formed by
consolidation.

(c) In no case shall the bonus tax paid on any consolidation
or merger or increase of capital stock be less than f 20. 00.

143. The amount of the bonus tax shall be paid to the
Department which shall account monthly therefor to the
Comptroller and pay the same forthwith to the Treasurer for
the use of the State.

SEC. 8. And be It further enacted, That Sections 144, 145
and 146 of Article 81 of the Annotated Code of Maryland
(1939 Edition), title "Revenue and Taxes", sub-title "Tax on
Franchise to be a Corporation", be and the same are hereby
repealed and four new sections be and they are hereby enacted
in lieu thereof, said new sections to follow immediately after
the said sub-title, to be known as Sections 144, 145, 146 and
1461/2, and to read as follows:

144. (a) Every domestic corporation, except (1) corpora-
tions the shares of which are subject to ordinary taxes under

 

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Session Laws, 1941
Volume 582, Page 1681   View pdf image (33K)   << PREVIOUS  NEXT >>


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