Should any county or incorporated city or town or taxing district situated within this State fail or refuse to file with the Department of Legislative Services, within the time herein prescribed the financial report or reports as provided in this subtitle, the Comptroller, acting upon the advice of the Executive Director of the Department, 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, 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.