588 LAWS OF MARYLAND. [CH. 488

stock shall never be ascertained to be less than the total value
of the real estate and tangible personal property owned by
such corporation in this State, and (e) that such aggregate
value of the shares of the capital stock of a public service cor-
poration shall never be ascertained to be less than the total
value allocated under Section 13 to the operating property
thereof, including operating land, located in this State, plus
the value of its non-operating real estate and non-operating
tangible personal property located in this State.

SEC. 11. And be it further enacted, That a new section be
and the same is hereby added to Article 81 of the Annotated
Code of Maryland (1939' Edition), title "Revenue and Taxes",
sub-title "Bate of Tax", said new section to be known as Sec-
tion 25 (g), to follow immediately after Section 25 (f), and
to read as follows:

25. (g) Rolling stock of persons other than railroads, ex-
press or transportation, parlor car and sleeping car companies,
shall pay for State purposes one dollar and fifty cents ($1. 50)
on each one hundred dollars of valuation.

SEC. 12. And be it further enacted, That a new section be
and the same is hereby added to Article 81 of the Annotated
Code of Maryland (1939 Edition), title "Revenue and Taxes",
sub-title "Gross Receipts Tax", said new section to be known
as Section 94%, to follow immediately after Section 94, and
to read as follows:

94%. The phrases "gross receipts", "total receipts", "gross
earnings", "total earnings" and "all earnings", as used in Sec-
tions 95 to 100, inclusive, mean in the case of railroads and
other public service corporations, the operating revenues
thereof, without any deductions or credits of any kind what-
soever. When any public service corporation is engaged in
more than one class of business and one or more classes there-
of is business not subject to the gross receipts tax or subject
thereto at different rates, the operating revenues of the class
or classes of business subject to such tax at different rates
shall be reported separately and taxed at the rate or rates ap-
plicable to such class or classes of business. This, section shall
not be construed as implying that in the absence of this section
the requirements of Sections 95 to 100, inclusive, could prop-
erly be otherwise construed.

SEC. 13. And be it further enacted, That a new section be
and the same is hereby added to Article 81 of the Annotated
Code (1939 Edition), title "Revenue and Taxes", sub-title