WILLIAM DONALD SCHAEFER, Governor Ch. 316
(1988 Volume and 1989 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - General

10-207.

(i) (1) IN THIS SUBSECTION, "NET CAPITAL GAIN" MEANS NET
CAPITAL GAIN, AS DEFINED AND DETERMINED UNDER THE INTERNAL
REVENUE CODE, BEFORE ANY EXCLUSION FOR FEDERAL INCOME TAX
PURPOSES.

(2) [The] EXCEPT AS PROVIDED IN PARAGRAPH (3) OF THIS
SUBSECTION, THE subtraction under subsection (a) of this section includes an
amount equal to 40% of net capital gain[, as defined and determined under the Internal
Revenue Code].

(3) THE AMOUNT DETERMINED UNDER PARAGRAPH (2) OF
THIS SUBSECTION SHALL BE REDUCED, BUT NOT BELOW ZERO, BY THE
AMOUNT OF ANY PORTION OF NET CAPITAL GAIN EXCLUDED FROM
FEDERAL ADJUSTED GROSS INCOME FOR FEDERAL INCOME TAX
PURPOSES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990, and shall be applicable to all taxable years beginning after December
31, 1989.

Approved May 2, 1990.

CHAPTER 316
(House Bill 391)

AN ACT concerning

Cecil County - Public Facilities Bonds

FOR the purpose of authorizing and empowering the County Commissioners of Cecil
County, from time to time, to borrow not more than $1,600,000 in order to finance
the cost of certain public facilities in Cecil County, as herein defined, and to effect
such borrowing by the issuance and sale at public or private sale of its general
obligation bonds in like par amount; empowering the County to fix and determine,
by resolution, the form, tenor, interest rate or rates or method of determining the
same, terms, conditions, maturities and all other details incident to the issuance
and sale of the bonds; empowering the County to issue refunding bonds for the
purchase or redemption of bonds in advance of maturity; empowering and
directing the County to levy, impose and collect, annually, ad valorem taxes in rate
and amount sufficient to provide funds for the payment of the maturing principal

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