HARRY HUGHES, Governor                                      1923

(1975 Volume and 1984 Supplement)

BY adding to

Article - Corporations and Associations

Section 1-204

Annotated Code of Maryland

(1975 Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

6.

The taxes imposed by this article shall be divided into (1)
ordinary taxes, and (2) special taxes. Direct taxes imposed in
respect of real or personal property shall be ordinary taxes;
provided, however, that real and personal property shall be
separately classified, and personal property separately
subclassified for assessment purposes. Special taxes shall
include:

(1)  Franchise tax on net earnings of savings banks
and of building, saving and loan associations.

(2)  Gross receipts tax.

(3)  Tax on commissions of executors and
administrators.

(4)  Inheritance tax.

[(5) Bonus tax on corporations.]

[(6)] (5) Income tax.

[(7)] (6) Franchise tax on net earnings of financial
institutions.

SECTION 2. AND BE IT FURTHER ENACTED, That Section(s) 194,
195, and 196 of Article 81 - Revenue and Taxes of the Annotated
Code of Maryland be repealed.

SECTION 3. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Corporations and Associations

1-201.