MARVIN MANDEL, Governor

345

dollars ($800); in the case of a married person living
with husband or wife, one thousand six hundred dollars
($1,600). A husband and wife living together shall
together be entitled to but one exemption of one thousand
six hundred dollars ($1,600); if such husband and wife
file separate returns one exemption of eight, hundred
dollars ($800) shall be taken by each. [Election with
respect to the manner of filing the return by husband and
wife once made, shall be final and irrevocable for the
particular taxable year.]

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved April 13, 1976,

CHAPTER 162

(House Bill 321)

AN ACT concerning

Franchise Tax — Interest

FOR the purpose of increasing the interest rate assessed
on delinquent franchise taxes imposed on certain
associations, and correcting certain language.

BY repealing and reenacting, with amendments,

Article 23 — Corporations

Section 161HH

Annotated Code of Maryland

(1973 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 161HH of Article 23 -
Corporations, of the Annotated Code of Maryland (1973
Replacement Volume and 1975 Supplement) be and it is
hereby repealed and reenacted, with amendments, to read
as follows:

Article 23 — Corporations

161HH.

Every federal and domestic association and foreign
association admitted to do business in this State shall
pay annually for the use of the State, in addition to any
other tax imposed by law, a franchise tax in the amount
of one hundred thirty ten—thousandths of one percent
(130/10,000 of 1%) of the aggregate withdrawal value of
its free shares purchased in the State of Maryland and