HARRY HUGHES, Governor

133

REVISOR'S NOTE: Subsection (a) of this section is new
language substituted for the State property tax rate
provisions in former Art. 81, § 33. This substitution
is made to state expressly that the State property tax
rate is set by the Board of Public Works and not by
the General Assembly.

Subsection (b) of this section is new language derived
without substantive change from the first and second
sentences of former Art. 81, § 30(c), as those
sentences related to State property tax rate.

Subsection (c) of this section is new language derived
without substantive change from former Art. 81, §
30(d).

In the introductory language of subsection (b)(1) and
in (b)(2) of this section, the defined term "State
property tax" is substituted for the former phrase
"taxation for State purposes", for clarity.

Also in the introductory language of subsection (b)(1)
of this section, the reference to the State property
tax rate being "set annually by the Board of Public
Works" is added to reflect actual practice.

Also in the introductory language of subsection (b)(1)
of this section, the former references to the 1940 and
1941 effective dates are deleted as obsolete.

In subsection (b)(l)(i) of this section, the former
word "actually", which modified the phrase "paying
interest or dividends" is deleted as superfluous.

In subsections (b)(l)(ii) through (iv) of this
section, the former references to the State property
tax rate as being "deemed" to apply are deleted as
superfluous.

In subsections (b)(2) and (c)(2) of this section, the
defined term "assessment" is substituted for the
former term "valuation", for clarity.

In subsection (c)(1) of this section, the former
exceptions for "parlor car and sleeping car companies"
are deleted as obsolete.

In subsection (c)(2) of this section, the phrase "a
State property tax at the rate of" is substituted for
the former phrase "for State purposes", for clarity.

As to subsection (b) of this section, the General
Assembly may wish to note that the only person owning
intangible personal property that is subject to tax is
the Baltimore and Ohio Railroad. Further, the