Theodore R. McKeldin, Governor                      33

283.

(D-2) In addition to the tax imposed elsewhere in this sub-title
upon the net income of every corporation (domestic or foreign),
there is hereby annually levied and imposed, beginning as of July 1,
1956, a tax on the net income of every corporation (domestic or
foreign) at the rate of one-half of one per cent (1/2%) of such portion
thereof as is allocable to this State under the provisions of Section
SI 2 hereof, except as herein specifically provided otherwise, the tax
imposed by this sub-section shall in all respects be imposed and
collected and subject to the same laws, regulations and provisions as
those imposed elsewhere in this Article upon the net income of such
corporations. If the taxpayer is on a calendar year basis, the increase
in rate over that formerly levied and imposed shall be paid upon net
income for the last six months of the year 1956, determined by a
pro rata computation against net income for the entire year of 1956.
If the taxpayer is on a fiscal year basis, the increase in rate over that
formerly levied and imposed shall be paid upon net income for such
part of any fiscal year which follows July 1, 1956, determined by a
pro rata computation against net income for the entire fiscal year.
The tax imposed and collected pursuant to the provisions of this
sub-section shall be remitted by the Comptroller to the State Treas-
urer. The State Treasurer shall hold the monies so received from
the Comptroller in a special fund which is hereby .created and
known as the "Maryland Port Authority Fund", said fund to be
thereafter held and distributed in accordance with the provisions
applicable to said fund which are contained in Article 62B of the
Annotated Code of Maryland, title "Maryland, Port Authority". The
proceeds of the tax imposed and collected by this sub-section shall
not be paid into or credited to the general funds of the State.

Sec. 3. And be it further enacted, That all laws and parts of laws
which are inconsistent with the provisions of this Act be and the
same are hereby declared to be inapplicabl'e to the provisions of this
Act.

Sec. 4. And be it further enacted, That this Act shall take effect
on June 1, 1956.

Approved March 26, 1956.

CHAPTER 3
(Senate Bill 2)

AN ACT making an emergency appropriation for the payment of the
expenses of the General Assembly of Maryland for the Extra-
ordinary Session of 1956.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That the sum of Twenty-five Thousand Dollars ($25,000), or so much

Explanation: Italics indicate new matter added to existing law.
[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.