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3082
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Ch. 765
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LAWS OF MARYLAND
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rate of one half of one percent 1/2% and beginning as of
July 1, 1957 in addition to this tax an additional tax of
one quarter of one percent (1/4%) of such portion thereof
as is allocable to this State under the provisions of §
316 hereof, except as herein specifically provided
otherwise, the tax imposed by this subsection shall in
all respects be imposed 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 computation 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
subsection 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 § 8 of FORMER
Article 62B of the Annotated Code of Maryland (1957
Edition, as amended)[, title "Maryland Port
Administration."]. 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 indebtedness issued under provisions of §§ 8A and 8B
of FORMER Article 62B of the Annotated Code of Maryland
(1957 Edition, as amended)[, title "Maryland Port
Administration."]. Such additional amounts, if any, as
are received, shall be held in [a special fund known as]
the ["Transportation Trust Fund," said fund to be]
TRANSPORTATION TRUST FUND AND thereafter held and
distributed in accordance with the provisions [applicable
to said fund which are contained in Article 94A of the
Annotated Code of Maryland, title "Transportation."] OF
TITLE 3 OF THE TRANSPORTATION ARTICLE. The proceeds of
the tax imposed and collected by this subsection shall
not be paid into or credited to the general funds of the
State.
326.
The tax hereby levied [shall] DOES not apply to the
following sales:
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