HARRY HUGHES, Governor

2173

BY adding to

Article 81 - Revenue and Taxes

Section 323C

Annotated Code of Maryland

(1980 Replacement 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

288.

(c) In addition to the tax imposed elsewhere in this
subtitle upon the net income of every corporation (domestic or
foreign), there is hereby annually levied and imposed [beginning
as of July 1, 1956] a tax on the net income of every corporation
(domestic or foreign) at the rate of [one half of one percent and
beginning as of July 1, 1967 in addition to this tax an
additional tax of one quarter of one percent (1/4%)] 0.75% 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).
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