54 LAWS OF MARYLAND. [CH. 42

said section as to the minimum franchise tax to be imposed
on domestic corporations.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Section 144 (a) of Article 81 of the Annotated Code
of Maryland (1947 Supplement), title "Revenue and Taxes",
sub-title "Tax on Franchise to be Corporation", be and it is
hereby repealed and re-enacted, with amendments, to read as
follows:

144(a). Every domestic corporation, except (1) corpora-
tions the shares of which are subject to ordinary taxes under
this Article, (2) charitable and benevolent institutions, (3)
building or homestead associations, (4) credit unions, and (5)
corporations having no capital stock, shall pay annually for
the use of the State, in addition to any other tax imposed by
law, a tax for its franchise to be a corporation at the follow-
ing rates:

$10 on a capital of $10, 000 or less, and, in addition, $5 for
each $5, 000, or fractional part thereof, of its capital in excess
of $10, 000 and not in excess of $50, 000; but every such cor-
poration which has no issued capital stock plus paid-in or
capital surplus by whatever name called as of the date when
the annual franchise tax report is required to be filed, shall
pay for such franchise an annual tax of Ten Dollars ($10. 00).

$50 on a capital of $50, 000, and, in addition, $10 for each
$25, 000, or fractional part thereof, of its capital in excess of
$50, 000 and not in excess of $100, 000.

$70 on a capital of $100, 000, and, in addition, $15 for each
$200, 000, or fractional part thereof, of its capital in excess of
$100, 000 and not in excess of $500, 000.

$100 on a capital of $500, 000, and, in addition, $20 for each
$500, 000, or fractional part thereof, of its capital in excess of
$500, 000 and not in excess of $10, 000, 000.

$480 on capital of $10, 000, 000, and, in addition, $30 for
each $2, 000, 000, or fractional part thereof, of its capital in
excess of $10, 000, 000.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1949.

Approved March 4, 1949.