HERBERT R. O'CONOR, GOVERNOR. 477

224. Credit Against Tax Allowed Residents. Whenever a
resident individual of this State has become liable for income
tax to another State upon such part of his net income for the
taxable year as is properly subject to taxation in such State,
the amount of income tax payable by him under this sub-title
shall be reduced by the amount of the income tax so paid by
him to such other State upon his producing to the Comptroller
satisfactory evidence of the fact of such payment; but appli-
cation of such credit shall not operate to reduce the tax pay-
able under this sub-title to an amount less than would have
been payable if the income subjected to tax in such other
State were ignored. The credit provided for by this section
shall not be granted to a taxpayer when the laws of such
other State allow a credit to such taxpayer substantially
similar to that granted by Section 225 hereof,

225. Credit Against Tax Allowed Non-Residents. When-
ever an individual not a resident of this State has become
liable for income tax to the State where he resides upon his
income for the taxable year including that taxable in this
State, the amount of income tax payable by him under this
sub-title shall be credited with such proportion of the tax so
payable by him to the State where he resides, as his net in-
come subject to taxation under this sub-title bears to his
entire income upon which the tax so payable to such other
State was imposed; but such credit shall be allowed only
if the laws of said State (a) grant a substantially similar
credit to residents of this State subject to income tax under
such laws, or (b) impose a tax upon the income of its resi-
dents subject to taxation in this State and exempt from tax-
ation the income of residents of this State. No credit shall
be allowed against the amount of the tax on any income tax-
able under this sub-title which is exempt from taxation under
the laws of such other State.

226. Income for First Taxable Year. The taxes imposed
by this sub-title shall first be collected and paid with respect
to the income received during the calendar year 1939. In the
event the taxpayer's taxable year is a fiscal year, the income
taxable during the first taxable year shall be such proportion
of the income for the entire fiscal year as the number of days
remaining in the fiscal year after January 1st, 1939, bears to
three hundred and sixty-five days. Provided, however, that if
the taxpayer's records disclose the exact income for that part
of the fiscal year falling in the calendar year 1939, then the
portion of the fiscal year's income taxable hereunder shall be
the portion received or accrued during the calendar year 1939.