Access is Denied when setting up local printer port


I have 2 vista laptops that are connected over the LAN. One of the
vista laptop (laptop A) is connected to a Epson LQ 300 dotmatrix
printer locally on the usb port. From the other vista laptop (laptop
B) I can browse and print to this network printer through printer
sharing. However I have a need to add a local port to laptop B to
access this printer as we need to configure the printer name locally,
when I tried this UNC path \\laptopA\sharedprinter, I will get this
access is denied message and I will see a print job named "Remote
Downlevel Doc" on the sharedprinter.

UAC and Firewall are all turned off to eliminate the cause of the
denial issue.

How can I successfully connected this sharedprinter as local port
printer? Any help is appreciated.