1690 LAWS OF MARYLAND. [CH. 912

232%. Credit Against Tax Allowed Domestic Corporations.
Every domestic corporation shall be allowed to credit against
the income tax payable by it under this sub-title, so much of
the annual franchise tax payable by it during the taxable
year under the provisions of Section 144 of this Article, as is
in excess of $25.

SEC. 18. And be it further enacted, That Sections 229 and
253(b) of Article 81 of the Annotated Code of Maryland (1939
Edition), title "Revenue and Taxes", sub-title "Income Tax",
be and the same are hereby repealed and re-enacted, with
amendments to read as follows:

229. Taxable Income of Non-Resident. Such portion of
the income of an individual not a resident of this State as is
derived from tangible property, real or personal, permanently
located in this State (whether received directly or from a
fiduciary) and income from business, trade, profession or
occupation carried on in this State, shall be taxable in this
State; provided, however, that income derived from intangible
personal property held by a resident or by a domestic cor-
poration as fiduciary, guardian, committee or trustee for an
incompetent, or as agent for a non-resident principal (unless
such property is used in connection with the trade, business,
profession or occupation of such principal) shall not be tax-
able in this State. The proper apportionment of income
derived in connection with trade, business, profession or
occupation carried on within and without the State shall be
determined under the rules and regulations of the Comptroller.

253(b). The remaining net income, hereinafter referred
to as business income, shall be allocated to this State if the
trade or business of the corporation is carried on wholly
within this State, but if the trade or business of the corpora-
tion is carried on partly within and partly without this State
so much of the business income of the corporation as is de-
rived from or reasonably attributable to the trade or business
of the corporation carried on within this State, shall be allo-
cated to this State and any balance of the business income
shall be allocated outside this State. The portion of the busi-
ness income derived from or reasonably attributable to the
trade or business carried on within this State shall be de-
termined by separate accounting where practicable, but where
separate accounting is not practicable, the portion of the
business income of the corporation allocable to this State shall
be determined in such manner as may be prescribed by regu-
lations of the Comptroller. The Comptroller is hereby author-
ized to prescribe by regulations such method or methods of