May 27, 1999

The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed Senate Bill 432.

This bill exempts from the recordation tax and State and local transfer taxes real
property transferred from a railroad designated by the United States Surface
Transportation Board as a Class I Railroad Carrier to its wholly-owned limited
liability company.

House Bill 515, which was passed by the General Assembly and signed by me on May
13, 1999, accomplishes the same purpose. Therefore, it is not necessary for me to sign
Senate Bill 432.

Sincerely,
Parris N. Glendening
Governor

Senate Bill 432

AN ACT concerning

Recordation Tax and State Transfer Tax - Exemption for Transfers Between
Parent Corporation and Subsidiary Limited Liability Companies Transfers
from Class I Railroad Carrier to Its Wholly-Owned Limited Liability

Company

FOR the purpose of altering a certain exemption under the recordation tax and the
State transfer tax for certain instruments of writing that transfer title to real
property among a parent corporation and certain subsidiary corporations to
include certain transfers among a parent corporation and its subsidiary
corporations and subsidiary limited liability companies providing an exemption
under the recordation tax and the State transfer tax for certain instruments of
writing that transfer title to real property from a Class I Railroad Carrier to its
wholly-owned limited liability company; providing for the termination of this
Act; and generally relating to a certain exemption under the recordation tax and
the State transfer tax for certain instruments of writing that transfer title to
real property among a parent corporation and its subsidiary corporations and
limited liability companies from a Class I Railroad Carrier to its wholly-owned
limited liability company.

BY adding to

Article - Tax - Property

Section 12-108(z) and 13-207(a)(19)