3942

VETOES

Sincerely,

/s/ Marvin Mandel

Governor

Senate Bill No. 279 — Sales Tax Exemption for
Capital Transactions

AN ACT concerning

Retail Sales Tax — Exemption

FOR the purpose of providing for an exemption from the
retail sales tax act[[, transfers and distributions
involving certain capital transactions; providing
for the transfer of tangible personal property to a
corporation upon its organization under certain
conditions; providing for the transfer of tangible
personal property to a corporation pursuant to a
merger or consolidation under certain conditions;
providing for the transfer of assets of a
corporation to another corporation under certain
conditions; providing for the distribution of
tangible personal property by a corporation or a
partnership under certain conditions; providing for
the transfer of tangible personal property to a
partnership under certain conditions; and generally
relating to such exemptions and transfers]] for
certain capital transactions.

May 15, 1975.
Honorable Steny H. Hoyer
President of the Senate
State House
Annapolis, Maryland

Dear Mr. President:

In accordance with Article II, Section 17, of the
Maryland Constitution, I have today vetoed Senate Bill
279.

This bill exempts from the Retail Sales Tax, certain
specified capital transactions.

As originally drafted, the bill was not opposed by
the Retail Sales Tax Division of the Comptroller's
Office, as it attempted to do only what was imperfectly
done last year by House Bill 126, which had to be vetoed
because of a deficient title. During the legislative