Ch. 554                                    LAWS OF MARYLAND

paragraphs (2), (3), (4), and (5) of this subsection, the
remainder shall be paid and distributed quarterly to each county
and the City of Baltimore, to be credited into the general funds
of each such political subdivision. The amount to be paid to each
political subdivision shall be a pro rata share of the remainder,
in the same ratio from time to time as the population of the
political subdivision is to the population of the State. In no
event, however, shall a political subdivision be paid under this
distribution for any State fiscal year a sum of money less than
that political subdivision received during the calendar year of
1960 as the net collection, after the deduction of administrative
and collection expenses, from a cigarette tax then imposed and
collected by that political subdivision. If an extra payment is
made to any political subdivision under the workings of this
paragraph, in the amount necessary to assure that its payments
equal its net collections in 1960, as specified, the amount of
the payment first computed for that political subdivision plus
the extra payment to it then shall be deducted from the total
amount distributable to the several other political subdivisions;
and the amount then distributable to each of the other political
subdivisions shall be recalculated, as a pro rata share of the
remainder, in the same ratio from time to time as the population
of the respective political subdivision is to the total
population of these several other political subdivisions.
Population figures for the purpose of these computations from
time to time shall be the MOST RECENT, APPLICABLE population
records of the State Department of Health and Mental Hygiene [as
of January 1 and July 1 of each and every year].

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved May 14, 1987.

CHAPTER 554

(House Bill 1275)

AN ACT concerning

Franchise Tax - Financial Institutions Tax

FOR the purpose of requiring the Department of Assessments and
Taxation to make certain certifications of certain tax
revenue; requiring the Comptroller to credit financial
institutions tax revenue in a certain manner; and clarifying
language.

BY repealing and reenacting, with amendments,

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