Should any county or any incorporated city or town or taxing district situated within this State fail or refuse to adopt or to continue in use the uniform system of municipal financial reporting applicable to it as provided in this subtitle, the Comptroller, after notification by the Executive Director of the Department of Legislative Services of such failure or refusal, shall be authorized to order the discontinuance of payment of all funds, grants or State aid which said county, incorporated city or town or taxing district is entitled to receive under State law. This section shall have specific reference to all funds, grants or State aid which said county or incorporated city or town or taxing district is entitled to receive under applicable provisions of State law relating to the income tax, the tax on racing, the recordation tax, the admissions and amusement tax and the license tax.