MARVIN MANDEL, Governor

1365

THE DEPARTMENT SHALL REMIT PROMPTLY THE TAXES
COLLECTED TO THE COMPTROLLER OF THE TREASURY. AFTER
DEDUCTING THE COST TO THE DEPARTMENT OF ADMINISTERING
THIS SUBSECTION, THE COMPTROLLER SHALL DISTRIBUTE THE NET
PROCEEDS TO THE COUNTIES AND BALTIMORE CITY IN THE SAME
RATIO AS THE RECORDATION TAX COLLECTED BY EACH OF THE
COUNTIES AND BALTIMORE CITY IN THE NEXT PRECEDING FISCAL
YEAR BEARS TO THE TOTAL RECORDATION TAXES COLLECTED BY
ALL OF THE COUNTIES AND BALTIMORE CITY IN THAT YEAR, ALL
AS DETERMINED BY THE COMPTROLLER. THE DEPARTMENT OF
ASSESSMENTS AND TAXATION MAY ESTABLISH AND ENFORCE
WHATEVER REASONABLE RULES AND REGULATIONS IT DEEMS PROPER
TO EFFECT THE PURPOSES OF THIS SUBSECTION.

SECTION 4. AND BE IT FURTHER ENACTED, That Sections
278A(a) and (b) of Article 81 — Revenue and Taxes, of the
Annotated Code of Maryland (1969 Replacement Volume and
1974 Supplement) be and they are hereby repealed and
re—enacted, with amendments, to read as follows:

Article 81 — Revenue and Taxes

278A.

In order to pay the principal and interest on the
certificates of indebtedness issued pursuant to the
"Outdoor Recreation Land Loan of 1969," or "Program Open
Space";

(a)   A tax is hereby imposed upon every written
instrument conveying title to real property, or a
leasehold interest therein, offered for record and
recorded among the land records in the State, [[AND UPON
ANY INSTRUMENT OF WRITING FILED]] AND ON THE TRANSFER OF
TITLE TO REAL PROPERTY OR A LEASEHOLD INTEREST THEREIN ON
THE FILING WITH THE STATE DEPARTMENT OF ASSESSMENTS AND
TAXATION [[PURSUANT TO A]] OF ARTICLES OF SALE, LEASE,
EXCHANGE OR OTHER TRANSFER OF ALL OR SUBSTANTIALLY ALL
THE PROPERTY AND ASSETS OF A CORPORATION UNLESS
SPECIFICALLY EXEMPTED BY SECTION 277(T) ABOVE, but
conveyances by or to the United States, the State, or any
political subdivision of the State, or any agency or
instrumentality thereof, shall not be subject to the tax
imposed by this section. The term "written instrument"
includes leases for a term of years above seven years,
not perpetually renewable but does not include any
mortgage, deed of trust, conditional sales contract, or
any other device the purpose of which is to afford a
security in real property rather than convey title
thereto.

(b)   The tax imposed by this section shall be levied
at the rate of one half of one percent (0.5%) of the