1969]                   OF THE HOUSE OF DELEGATES                     107

	Basis	Levy
1969-1970 Year ............................ 1970-1971 Year ............................ 1971-1972 Year ............................	$17,050,000,000 $18,093,000,000 $19,263,000,000	$34,100,000 $36,186,000 $38,526,000

The rate is determined annually by the Board of Public Works and
the actual rate for the 1970-1971 Year will be set by it by May 1, 1970
according to the State Debt requirements for that year and likewise for
the 1971-1972 Year by May 1, 1971.

The present estimates of this revenue are therefore tentatively based
on the 1968-1969 rate of 20¢ per $100 until the actual rates are set.

Franchise Taxes, Excises, Departmental Revenues

Revenues from Franchise Taxes, Excises, and Departmental Sources
are expected to follow in general their consistent previous patterns of
growth.

We have had only one year's experience with the new Franchise Tax
on Net Earnings of Financial Institutions. This tax yielded $5,381,000
in the Fiscal Year 1969, its first year, and is now estimated to increase to
$5,760,000 in Fiscal 1970 and to $6,220,000 in Fiscal Year 1971. However,
more actual collections experience is needed to determine what trend this
revenue will actually take.

Receipts from Death Taxes are being boosted in the Fiscal Year 1970
by a single supplementary payment of over $1,000,000 from one estate
from which several large payments have been received in previous years.

The future of Horse Racing has been made somewhat uncertain by
the advent this year of racing in Pennsylvania. This could draw Penn-
sylvania and New York patrons away from Maryland Race Tracks.

The initial receipts this year from the new 4% General Fund Tax on
Admissions indicate that this revenue will amount to about $4,300,000
annually.

REPORT OF STANDING COMMITTEE

Delegate Houck, from the Ways and Means Committee, reported
favorably,

Senate Bill No. 10—By the President:

Subject: ELIMINATING THE MAXIMUM LIMITATION ON
RATE OR RATES OF INTEREST ON STATE BOND ISSUES AND
ON LOANS TO CERTAIN INSTITUTIONS.

Favorable report adopted.

Amendments to Senate Bill No. 10
Offered from the floor, by Delegate Docter:

Amendment No. 1—In line 22 of the title of the third reading file bill,
immediately following the numerals "1969" delete "eliminating the" and
insert in lieu thereof the following: "placing an eight percentum (8%)".

Which amendment was read and rejected.