970                             LAWS OF MARYLAND                      [CH. 399

CHAPTER 399
(Senate Bill 479)

AN ACT to repeal and re-enact, with amendments, Section 8 (4) of
Article 81 of the Annotated Code of Maryland (1965 Replacement
Volume), title "Revenue and Taxes," subtitle "What Shall Be
Taxed and Where," and to add new Section 8 (4a) to the said
Article and subtitle of the Code, to follow immediately after Sec-
tion 8 (4) thereof, providing that the shares of stock in any
domestic corporation which is subject to the jurisdiction of the
Public Service Commission of Maryland shall be subject to assess-
ment and taxation for ordinary taxes in the County and in the
City of Baltimore or in either in which certain personal property
of the corporation is located, in ratio to the proportion of SAID
personal property located in the particular County or in the City,
to all the SUCH personal property of the corporation located in
the State.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 8 (4) of Article 81 of the Annotated Code of Mary-
land (1965 Replacement Volume), title "Revenue and Taxes," sub-
title "What Shall Be Taxed and Where," BE AND THE SAME IS
HEREBY REPEALED AND RE-ENACTED, WITH AMEND-
MENTS, and to add new Section 8 (4a) to the said Article and sub-
title of the Code, to follow immediately after Section 8 (4) thereof,
all to read as follows:

8.

(4) All shares of stock in any domestic corporation, other than
an ordinary business corporation, and other than a domestic cor-
poration included within the provisions of EXCEPT AS PROVIDED
BY Subsection (4a) below, in the county and/or city in which the
owners respectively reside, or, in the case of shares owned by non-
residents of this State, in the county and/or city in which the prin-
cipal office of the corporation in this State is situated.

(4a) All shares of stock in any domestic corporation which is
subject to the jurisdiction of the Public Service Commission under
the provisions of Article 78 of this Code, in the county and in the
City of Baltimore, or in either, in which the personal property of
the corporation is located, in ratio to the proportion of personal
property WHICH WAS PLACED IN SERVICE ON OR AFTER
JANUARY 1, 1968 AND IS heated in the particular County or in
the City, to all the personal property of the corporation WHICH
WAS PLACED IN SERVICE ON OR AFTER JANUARY 1, 1968
AND IS located in the State. The provisions of this paragraph are
not applicable to any PERSONAL property which was in existence
on June 1, 1967, SERVICE ON JANUARY 1, 1968, AS TO
WHICH THE ASSESSMENTS SHALL BE MADE AS PROVIDED
IN SUBSECTION (4) OF THIS SECTION, but these provisions are
applicable to all PERSONAL property acquired PLACED IN SERV-
ICE after this date.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved April 21, 1967.