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Ch. 532
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1666
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LAWS OF MARYLAND
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(A) On or before May 1 the Board of Public Works shall
certify to the governing bodies of each of the counties and
Baltimore City the rate of State tax on each $100 of assessable
property necessary to produce revenue to pay any interest and
principal which will become due and payable during the next
taxable year on all State bonds, either issued or outstanding or
authorized or anticipated by the Board of Public Works to be
issued, to which a State tax on assessed property has been
pledged. Those governing bodies shall forthwith levy and collect
such tax at such rate.
(B) THE BOARD OF PUBLIC WORKS SHALL CERTIFY A SEPARATE RATE
FOR PROPERTY DESCRIBED IN ARTICLE 81, § 9A(0) OF THE CODE AND FOR
ALL OTHER PROPERTY. FOR FISCAL YEAR 1985 AND THEREAFTER, THE
RATE FOR PROPERTY DESCRIBED IN ARTICLE 81, § 9A(0) SHALL BE SET
AT $0 PER $100 OF ASSESSABLE PROPERTY.
Article 81 - Revenue and Taxes
9A.
(a) The following [tangible] personal property shall be
exempt from assessment and from State, county and city ordinary
taxation, except as otherwise stated herein, each and all of
which exemptions shall be strictly construed:
(0) (1) FROM STATE TAXATION ONLY, ALL PERSONAL PROPERTY,
EXCEPT OPERATING PROPERTY OF PUBLIC UTILITIES AND CONTRACT
CARRIERS.
(2) THE EXEMPTION UNDER PARAGRAPH (1) OF THIS
SUBSECTION IS EFFECTIVE ON THE REPAYMENT OF ALL STATE BONDS WHICH
ARE OUTSTANDING OR AUTHORIZED AS OF JUNE 30, 1984 AND TO WHICH A
STATE TAX ON ASSESSED PROPERTY IS PLEDGED.
288A.
Of the net receipts (including estimated payments, interest,
and penalties) collected from the taxes imposed under Section 288
of this article on the net income of corporations (domestic or
foreign), the Comptroller, after first deducting the amounts
distributed to the Transportation Trust Fund under Section 288(c)
of this article, AND AFTER DEDUCTING THE SUM OF $18,000,000
$22,000,000 TO BE ALLOCATED TO THE GENERAL FUND OF THE STATE,
shall distribute monthly from the remaining funds:
(1) 16 percent to the gasoline and motor vehicle
revenue account in the Transportation Trust Fund; and
(2) 32 percent to the Transportation Revenue Sharing
Account in the Transportation Trust Fund. All other amounts
shall be credited to the general fund.
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