SPIRO T. AGNEW, Governor                        777

THEREAFTER, SHALL BE FURTHER INCREASED FOR ANY
COUNTY OF THIS STATE AND THE CITY OF BALTIMORE BY
AN AMOUNT, IF ANY, BY WHICH THE SUM OF (1) THE DIF-
FERENCE BETWEEN THE GRANT FOR THE CURRENT FIS-
CAL YEAR UNDER THE PROVISIONS OF SUBSECTIONS (A)
AND (C) OF THIS SECTION AND SUCH GRANT FOR FISCAL
1967-68; (2) THE DIFFERENCE BETWEEN THE COUNTY
SHARE OF THE POLICE PROTECTION AID RECEIVED UN-
DER THE PROVISIONS OF ARTICLE 15A FOR THE CURRENT
YEAR AND SUCH AID FOR FISCAL 1967-68; AND (3) ALL THE
REVENUE RECEIVED FROM THE IMPOSITION OF THE TAX
ON THE RECORDATION OF CERTAIN INSTRUMENTS OF
WRITING AS PROVIDED IN SECTION 277 OF THIS ARTICLE
AT THE RATE IMPOSED IN SUBSECTION (B) OF THAT SEC-
TION, IS LESS THAN THE REVENUE REALIZED BY SUCH
SUBDIVISION (INCLUDING AMOUNTS REDISTRIBUTED TO
MUNICIPALITIES THEREIN) FROM THE TAXATION OF
SHARES OF CAPITAL STOCK OF COMMERCIAL BANKS, SAFE
DEPOSIT AND TRUST COMPANIES, AND FINANCE COM-
PANIES AS DEFINED IN SECTION 2 OF THIS ARTICLE FOR
THE TAXABLE YEAR 1967-68, AS CERTIFIED BY THE
DIRECTOR.

13.

(b) The following property, real or personal, subject to ordinary
taxation under this article, shall be valued and assessed for pur-
poses of State, county and city taxation by the State Department
of Assessments and Taxation:

(1)    Shares of stock in [any national bank located in this State
or in] any domestic corporation.

(2)    [So much of the shares of capital stock of domestic finance
corporations and of the capital stock of foreign finance corporations
as represents the business done in this State.

(3)    3 Operating property, except land, of railroads and other
public utilities and contract carriers.

(3) [(4)] Distilled spirits.

(4) [(5)] Tangible personal property belonging to any cor-
poration, domestic or foreign.

(5)    [(6)] Intangible personal property subject to taxation
under Section 11.

(6)    [(7)] Rolling stock of any person.

14.

(b) Except as hereinafter provided:

(1)    All real property directed in this article to be assessed, shall
be assessed at the full cash value thereof on the date of finality. The
term full cash value as used in this subsection shall mean current
value less an allowance for inflation, if in fact inflation exists.

(2)    All personal property directed in this article to be assessed,
shall be assessed at the full cash value thereof on the date of finality.