SPIRO T. AGNEW, Governor                        773

section (4a) below, in the county and/or city in which the owners
respectively reside, or, in the case of shares owned by nonresidents
of this State, in the county and/or city in which the principal 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 prop-
erty which was placed in service on or after January 1, 1968 and
is located 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
service on January 1, 1968, as to which the assessments shall be
made as provided in subsection (4) of this section, but these provi-
sions are applicable to all personal property placed in service after
this date.]

(4)    [(5)] All operating property located in this State of
railroads, other public utilities and contract carriers (except motor
vehicles and other mobile operating property not permanently
located in this State of common and contract carriers by motor
vehicle who are not residents of this State), in the counties and/or
cities to which the value thereof is apportioned under Section 16.

(5)    [(6)] The stock in business of every person, firm or cor-
poration engaged in any manufacturing or commercial business in
this State, which shall be deemed permanently located in the county
and/or city where such business is carried on.

(6)    [(7) So much of the capital stock of foreign finance cor-
porations doing business in Maryland as represents the business
done in this State, in the county and/or city in which the principal
office of the corporation in this State is situated.

(8)] No leasehold or other limited interest in real or tangible
personal property shall be subject to taxation except the following
which shall be subject to taxation in the same amount and to the
same extent as though the person in possession or the user thereof
were the owner of such property.

(a)    The interest of a tenant under a ninety-nine year lease of
real property within this State, whether or not renewable, or under
a lease for a shorter term which is perpetually renewable.

(b)    The interest of a life tenant or the owner of any other free-
hold estate in real or tangible personal property within this State;

(c)    The interest of a mortgagor or grantor under a deed of trust
in real property within this State;

(d)    The interest of a mortgagor, pledgor or conditional sale
vendee in tangible personal property within this State ;

(e)    The interest or privilege of any lessee, bailee, pledgee, agent,
or other person in possession of or using any real or personal prop-
erty which is owned by the federal or State governments, and which