Marvin Mandel, Governor                         795

provided, further, that any moneys otherwise distributable under
this section, which shall not be distributed at the close of the fiscal
year of said county or city or the City of Baltimore because of the
failure of said county or city or the City of Baltimore to make
such levy or certification, shall revert to the general fund of the
State treasury. Per capita revenue shall be computed for purposes
of this section by using the population figures furnished by the
latest federal census or by an official local census, whichever is
latest]

280A.

(b) There shall be added to the taxable income of such taxpayer:
(1) the net operating loss deduction as defined in Section 172 of
the Internal Revenue Code, as amended from time to time; (2)
income taxes imposed by the State of Maryland, and any other
state, the District of Columbia and any political subdivision of the
State of Maryland or any other state; and (3) the net capital loss
carry-back as defined in Section 1212 of the Internal Revenue Code,
as amended from time to time [, and (4) for all taxable years
beginning after December 31, 1969, the amount of credit allowed
against the income tax payable hereunder, to the extent of the
franchise tax credit as provided by Section 292 hereof].

[292.

Every domestic corporation shall be allowed to credit against the
income tax payable by it under this subtitle, so much of the annual
franchise tax payable by it during the taxable year under the pro-
visions of Section 197 of this article, as is in excess of $40.]

313A.

(a) Any real estate investment trust doing business in this State
shall pay such fees, ordinary taxes and special taxes, with the
exception of income taxes as provided hereafter in (b), and shall
make such tax report as are required by the laws and ordinances
of this State and any counties and municipalities thereof on domestic
and foreign ordinary business corporations on an identical basis
therewith; provided, however, that [the franchise tax on] a domestic
real estate investment trust shall [be $25 per year] pay an annual
report fee of twenty-five dollars ($25) and that the filing fees paid
by such trusts shall be the same as the filing and recording fees
paid by domestic corporations. In computing taxes and fees the
certificates of beneficial interests of a real estate investment trust
shall have the character for tax purposes of shares of stock in a
private corporation.

Sec. 3. And be it further enacted, That any franchise tax ap-
plicable to a corporation under the provisions of Section 197 through
201, inclusive, of Article 81 of the Code, as repealed by Section 1
of this Act, which is due and payable after the effective date of
this Act shall not be payable or collectible, and in lieu thereof the
corporation shall after the effective date be liable only for the pay-
ment of the annual fees imposed by Section 130 of Article 23 of
the Code, at the time when these fees are payable.