1194                             Laws of Maryland                       Ch. 526

(domestic or foreign), there is hereby annually levied and imposed
beginning as of July 1, 1956 a tax on the net income of every cor-
poration (domestic or foreign) at the rate of one-half of one per
cent [(1½%)] ½% and beginning as of July 1, 1967 in addition to
this tax an additional tax of one quarter of one percent (¼%) of
such portion thereof as is allocable to this State under the provisions
of Section 316 hereof, except as herein specifically provided other-
wise, the tax imposed by this subsection shall in all respects be im-
posed and collected and subject to the same laws, regulations and
provisions as those imposed elsewhere in this article upon the net
income of such corporations. If the taxpayer is on a calendar year
basis, the increase in rate over that formerly levied and imposed
shall be paid upon net income for the last six months of the years
1956 and/or 1967, as the case may be, determined by a pro rata com-
putation against net income for the entire years of 1956 and/or 1967,
as the case may be. If the taxpayer is on a fiscal year basis, the
increase in rate over that formerly levied and imposed shall be paid
upon net income for such part of any fiscal year which follows July 1,
1956 and/or July 1, 1967, as the case may be, determined by a pro
rata computation against net income for the entire fiscal year. The
tax imposed and collected pursuant to the provisions of this sub-
section shall be remitted by the Comptroller to the State Treasurer.
The State Treasurer shall first set aside in the Annuity Bond Fund
so much, if any, as shall be required to make payments of principal
and interest due in the year of receipt and in the next following year,
to the extent that such amounts have not previously been so set aside
on the bonds or certificates of indebtedness issued under provisions
of Section 8 of Article 62B of the Annotated Code of Maryland (1957
Edition, as amended), title "Maryland Port [Authority] Adminis-
tration." Thereafter, the State Treasurer shall set aside in the
Annuity Bond Fund so much, if any, as shall be required to make
payments of principal and interest due in the year of receipt and in
the next following year, to the extent that such amounts have not
previously been so set aside on the bonds or certificates of indebted-
ness issued under provisions of Sections 8A and 8B of Article 62B
of the Annotated Code of Maryland (1957 Edition, as amended),
title "Maryland Port [Authority] Administration." Such addi-
tional amounts, if any, as are received, shall be held in a special fund
[which is hereby created and] known as the ["Maryland Port
Authority Fund,"] "Transportation Trust Fund," said fund to be
thereafter held and distributed in accordance with the provisions
applicable to said fund which are contained in Article [62B] 94A
of the Annotated Code of Maryland, title "[Maryland Port Author-
ity] Transportation." The proceeds of the tax imposed and col-
lected by this subsection shall not be paid into or credited to the
general funds of the State.

SEC. 11. And be it further enacted, That Sections 138 and 139 of
Article 56 of the Annotated Code of Maryland (1957 Edition, 1968
Replacement Volume and 1969 Supplement), title "Licenses," sub-
title "Motor Vehicle Fuel Tax," be and they are hereby repealed in
their entirety, and that Sections 137(a) and 188 of the same Article,
subtitles "Motor Vehicle Fuel Tax" and "Public Passenger and
Freight Motor Vehicles" be and they are hereby repealed and re-
enacted with amendments to read as follows: