188                              LAWS OF MARYLAND                      [CH. 183

to be a Corporation," repealing the present franchise tax on de-
posits of savings banks and substituting therefor a franchise tax
on the net earnings of savings banks and of building, saving and
loan associations, imposing the tax for a franchise to be a cor-
poration upon savings banks, and generally amending the tax laws
of this State with respect to taxes imposed upon and collected
from savings banks and buildings, saving and loan associations and
homestead associations; AND PROVIDING THAT THE SEV-
ERAL POLITICAL SUBDIVISIONS IN THE STATE SHALL
NOT IMPOSE CERTAIN TAXES UPON SAVINGS BANKS OR
BUILDING, SAVINGS AND LOAN ASSOCIATIONS.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 128 of Article 81 of the Annotated Code of Maryland
(1957 Edition), title "Revenue and Taxes," subtitle "Franchise Tax
on Deposits of Savings Banks," be and it is hereby repealed and
that a new Section 128 be and it is hereby enacted in lieu thereof
to stand in the place of the section so repealed and to be under the
new subtitle "Franchise Tax on Net Earnings of Savings Banks,
and Building, Saving and Loan Associations"; and that Section 6
of said Article (1964 Supplement), subtitle "Classification of Taxes,"
be and it is hereby repealed and re-enacted, with amendments; and
that Section 197 (d) of said Article (1957 Edition), subtitle "Tax
on Franchise to be a Corporation," be and it is hereby repealed and
re-enacted, with amendments, all to read as follows:

6.

The taxes imposed by this article shall be divided into (1) ordinary
taxes, and (2) special taxes. Direct taxes imposed in respect of real
or personal property shall be ordinary taxes; provided, however,
that real and personal property shall be separately classified, and
personal property separately subclassified for assessment purposes.

Special taxes shall include:

[(a) Tax on Deposits of savings banks.]

(1) Franchise tax on net earnings of savings banks and of
building, saving and loan associations.

Gross receipts tax.

Tax on commissions of executors and administrators.

Inheritance tax.

Bonus tax on corporations.

Tax on franchise to be a corporation.

Franchise tax on foreign corporation.

Income tax.

Franchise Tax on Net Earnings of Savings Banks and
of Building, Saving and Loan Associations

128.

(a) A tax is imposed on the net earnings of every savings bank
and of every building, saving and loan association, as in this section
provided.

[(b)]	(2)
[(c)]	(3)
[(d)]	(4)
[(e)]	(5)
[(f)]	(6)
[(g)]	(7)
[(h)]	(8)