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Ibid. sec. 159. 1888, art. 81, sec. 141. 1878, ch. 178. 1880, ch. 20. 1896, ch. 120. 1914, ch. 528.

162. At the time of making the returns of stockholders to the County Commissioners and Appeal Tax Court of Baltimore City, as required by law, the president or other proper officer of every bank or other incorporated institution incorporated under the laws of this State or doing business therein, and of every joint stock company doing business in this State shall furnish to the County Commissioners of each county in which such bank or other incorporated institutions or joint stock company shall own or possess any real property and tools, machinery, manufacturing implements and engines of corporations actually engaged in manufacturing, and to the Appeal Tax Court of Baltimore City, if such bank or other incorporated institution or joint stock company shall own or possess any real property and tools, machinery, manufacturing implements and engines of corporations actually engaged in manufacturing in said city, a true statement of such real property, and tools, machinery, manufacturing implements and engines of corporations actually engaged in manufacturing, situated or located in such county or city, and such real property and tools, machinery, manufacturing implements and engines of corporations actually engaged in manufacturing shall be valued and assessed by said County Commissioners and Appeal Tax Court, respectively, to the said bank or incorporated institution or joint stock company so owning the same, and the said County Commissioners and Appeal Tax Court shall give duplicate certificates of such valuation and assessment to such president or other officer, who shall transmit one of such duplicate certificates with his return to the State Tax Commissioners, and State, county and city taxes shall be levied upon and paid by such bank or other incorporated institution, or by such joint stock company on such assessment in the same manner as the same are levied upon and paid by individual owners of real property and tools, machinery, manufacturing implements and engines of corporations actually engaged in manufacturing in

* Prior to the passage of chapter 528 of the Acts of 1914, on April 13, 1914, chapter 197, approved on April 3, 1914, was passed, but the latter Act supercedes the former, amending this section.

such county or city in accordance with the terms of Section 164 of this act as amended; the respective taxable value of the shares of stock in such bank, corporation and joint stock companies shall be ascertained by the State Tax Commissioner in the manner following. He shall deduct the assessed value of such real property and tools, machinery, manufacturing implements and engines of corporations actually engaged in manufacturing belonging to the said respective banks, corporations or joint stock companies from the aggregate value of all shares of such respective banks, corporations or joint stock companies and divide the remainder by the number of shares of the capital stock or shares of such respective banks, corporations or joint stock companies, and the quotient shall be the taxable value of each of such respective shares for State purposes, and all State taxes thereon shall be paid as provided now or hereafter by law, and when the valuation and assessment of the shares of the capital stock or shares of such banks, corporations or joint stock companies shall have been finally determined or made for State purposes, the State Tax Commissioner shall certify to the County Commissioners of each county where any of the stockholders or shareholders may reside, and to the Appeal Tax Court of Baltimore City, if any of said stockholders or shareholders reside in said city, and to the County Commissioners of the county in which said bank, corporation or joint stock company is situated, or to the Appeal Tax Court of Baltimore City, if it is situated in said city, the assessed value of such respective shares of stocks, or shares so ascertained as aforesaid. And the said taxable value of such respective shares of stock or shares in such banks, corporations or joint stock companies, owned by residents of this State, and taxable within this State, shall for county and municipal purposes be valued to the owner thereof in the county or city in this State in which such owners shall respectively reside, and the said taxable value of such of said stock or shares as are held by nonresidents of this State shall for county and municipal purposes be valued to the owners thereof in the county or city in which said bank, corporation or joint stock company is situ ated; but all county or municipal taxes assessed upon said re spective taxable value of such respective shares of stock or

shares shall be collected from such bank, corporation or joint stock company, and when so paid shall or may be charged by such bank, corporation or joint stock company to the account of such stockholders or shareholders, respectively; but it is expressly provided that all railroad companies working their roads by steam power incorporated by or under the laws of this State or any other State, territory, District of Columbia or foreign country and doing business in this State, shall respectively be subject to the annual State tax upon their respective gross receipts within the State, prescribed by Section 167, which shall be paid and collected in a manner provided now or hereafter by law, and the real and personal taxable property belonging to such respective railroad companies shall be subject to county and municipal taxation to this State in the respective counties and cities in which such property is located; and where such respective railroad companies are subject to such gross receipts tax for State purposes, their shares of stock and real or personal property shall not be subject to taxation for State purposes, and when such real and personal property of such respective railroad companies is subject to county and municipal taxation, their respective shares of stock shall not be subject to county and municipal taxation, but the capital stock and property of all other corporations which are subject to a tax upon their gross receipts, other than railroad companies, shall be valued, assessed and taxed for State, county and municipal purposes like the capital stock and property of other corporations under this Article.*

1914, ch. 797, sec. 162a.

162A. The State Tax Commissioner shall take into consideration, in determining the taxable values of the shares of stock of any bank (State or National), located and doing business in this State (except in case of such banks as are in liqui dation), the capital stock paid in, its surplus and undivided profits, as provided for in Section 153-A of this Act and from the valuation which the State Tax Commissioner may find, shall be deducted the assessed value of the real property be

The scope of this section has been restricted, for which see Article 23, section 88A, etc., and general note to Article on "Revenue and Taxes."

longing to and assessed to such bank, and the assessed value of all other property or investments held or owned by banks now authorized by Chapter 124 of the Acts of 1908 of the General Assembly of Maryland to be so deducted, and the remainder shall be by the State Tax Commissioner divided by the number of shares of such capital stock outstanding for the purpose of determining the respective taxable value of each share, as provided in the preceding section, and there shall be paid on such valuation the regular rate of taxation for State purposes, and there shall also be paid on such valuation one per cent. (and no more) in all for all county, city and municipal taxation, which said tax shall be distributed among the different jurisdictions entitled to tax the same shares, in the proportion which the rate of each jurisdiction bears to the aggregate of the rates of such jurisdictions, and said tax shall be in lieu of all other • taxes whatsoever, for county and municipal purposes upon the shares of stock and the owners of stock in such banks. But in the case of such banks as may be in the course of liquidation the aggregate value of all shares thereof, for the purpose aforesaid, shall be determined by the State Tax Commissioner from the assets and liabilities thereof, and upon such valuation of such shares so determined, the regular rate of taxation for State and local purposes shall be paid in the manner provided in this article. Credits by reason of the ownership by any such bank or banks of the Baltimore City Burnt District Loan Stock issued under Chapter 468 of the Acts of 1904, the Water Loan issued under Chapter 333 of the Acts of 1902, and the Conduit Loan issued under Chapter 246 of the Acts of 1902, whether heretofore or hereafter issued, and also all other credits authorized and provided for under said Chapter 124 of the Acts of 1908 of the General Assembly of Maryland, shall be allowed as provided for in said last mentioned act, but shall be computed on the basis of the rates for State, county, city and municipal taxation, respectively, herein prescribed; no such credits, however, shall be allowed in any case where the officer making such returns for such bank or banks shall fail to state in such return that said investments are owned by the bank of which he is such officer, and are not held by such bank as a security for any loan or as a collateral for any payment or

other purpose. All deductions required to be made by the City Collector of Baltimore City by the provisions of said last mentioned act shall be made in accordance with said provisions. Nothing in this section shall be construed to relieve any corporation from the payment of any franchise tax required to be paid by the provisions of Section 89 of this article; provided, that nothing herein shall affect the tax levy of 1914.

1914. ch. 797, sec. 2.

162B. This act shall take effect from date of passage and all other laws inconsistent herewith are hereby repealed, in so far as the same are inconsistent with the provisions of this act, but no further.

1904, art. 81, sec. 160. 1888, art. 81, sec. 142. 1875, ch. 483, sec. 88. 1886, ch. 312. 1906, ch. 467. 1908, ch. 124.

163. Any corporation having a capital stock divided into shares, and owning as an investment of any part of its capital or surplus, any of the stock debt of this State upon which the State tax has been deducted by the treasurer, or of the stock debt of the City of Baltimore on which the State Taxes have been paid, or are payable by said city, or shares in any national bank or other corporation of this State upon which the State and county or city taxes are levied and paid, or are payable by such bank or other corporation, shall report in detail, on or before the fifteenth of March in each year, under the oath of the president, cashier, treasurer or other proper officer to the State Tax Commissioner such of said stock debts and shares of said national banks and other corporations of this State owned at the time of making said report, and which were owned by such corporation on January first of said year and for six months continuously theretofore; and the said State Tax Commissioner shall assess the value of said stock debt of the City of Baltimore and all the provisions of Section 165 as to notice and appeal in the case of the assessment of the shares of stock of banks and other corporations in this State, shall apply to the assessment of said stock debt of the City of Baltimore; and the State Tax Commissioner shall report the assessed value of said stock debt of the City of Baltimore, and the value of the stock debt of the State assessed as provided in Section 112, to

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