SPIRO T. AGNEW, Governor                        783

rate of two and one-half per centum (2½%) with respect only to their
safe deposit and trust business, including all receipts derived from
the business of acting in a fiduciary or representative capacity, with-
out any deductions or credits of any kind whatsoever; provided
further, that a foreign trust company or foreign safe deposit and
trust company engaging in any of these activities:

(i) Investing trust funds in mortgages or deeds of trust on
Maryland property; and

(ii) Enforcing and foreclosing mortgages and deeds of trust
on Maryland property, holding, leasing and conserving properties
so acquired or otherwise acquired as a result of default under a
mortgage or deed of trust, and transferring title thereof; and per-
forming such activities as trustee or other fiduciary of a trust or
estate which is administered outside of Maryland, shall not, solely by
reason of such activities, be considered to be acting in a fiduciary
or representative capacity in Maryland or be required to pay a gross
receipts tax].

(3)    All domestic and foreign telephone and oil pipe line com-
panies doing business in this State at the rate of two per centum
(2%).

(4)    All domestic and foreign electric light or power companies
doing business in this State, at the rate of two (2%) per centum.

(5)    All domestic and foreign gas companies doing business in
this State, at the rate of two (2%) per centum.

143.

No county or city of this State shall levy or impose any taxes
upon any insurance company subject to taxation under this subtitle,
except taxes on real estate[,] and tangible personal property[, and
shares in national banks and domestic corporations the shares of
which are subject to ordinary taxes under this article].

This section shall not be construed to exempt from ordinary
taxation and assessment shares of stock of a domestic corporation,
by reason of ownership of such shares by an insurance company.

277.

(q) Every county and Baltimore City may, by resolution or
ordinance duly enacted by its governing body, fix the rate of tax
imposed by this subtitle. In the absence of such resolution or ordi-
nance, the rates specified in this subtitle shall continue to apply.

280.

(c) There shall be subtracted from federal adjusted gross in-
come: (1) interest or dividends on obligations of the United States
and its territories and possessions or of any authority, commission
or instrumentality of the United States to the extent includable in
gross income for federal income tax purposes but exempt from State
income taxes under the laws of the United States; (2) [dividends
received upon stock of national banks located within or without the
State and also domestic corporations the shares of which are subject
to ordinary taxes; (3)] undistributed income received by indi-