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BLAIR LEE III, Acting Governor
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tanks, safe deposit and trust companies, and finance
companies as defined in Section 2 of Article 81; and
WHEREAS, It is not likely, because of inflation,
increases in recordation tax rates, police protection aid,
etc., that the grant increases as provided for under Section
12H(d) will become applicable in the future, they are
considered obsolete; now, therefore,
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:
Article 81 - Revenue and Taxes
12H.
[ (d) The grant provided by subsection (a) and
supplemented by the grant provided in subsection (c) of this
section, for fiscal 1968—69 and thereafter, shall be further
increased for any county of this State and the City of
Baltimore by an amount, if any, by which the sum of (1) the
difference between the grant for the current fiscal year
under the provisions of subsections (a) and (c) of this
section and such grant for fiscal 1967—68; (2) the
difference between the county share of the police protection
aid received under the provisions of Article 15A for the
current year and such aid for fiscal 1967—68; and (3) all
the revenue received from the imposition of the tax on the
recordation of certain instruments of writing as provided in
§ 277 of this article at the rate imposed in subsection (b)
of that section, is less than the revenue realized by such
subdivision (including amounts redistributed to
municipalities therein) from the taxation of shares of
capital stock of commercial banks, safe deposit and trust
companies, and finance companies as defined in § 2 of this
article for the taxable year 1967-68, as certified by the
Director.]
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.
Approved May 16, 1978.
CHAPTER 464
(Senate Bill 424)
AN ACT concerning
Licenses - Nonprofit Organizations, Volunteer Fire
Departments and Rescue Squads
FOR the purpose of adding nonprofit organizations and
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