1666 LAWS OF MARYLAND. [CH. 963

income in the taxable year in which so applied, and the
proceeds of any such insurance policy on the life of an
employee paid by reason of his death shall be excluded
from gross income in the taxable year when paid as pro-
vided in Section 223 (b) of this sub-title.

SEC. 2. And be it further enacted, That a new sub-
section be and the same is hereby added to Section 224
of Article 81 of the Annotated Code of Maryland (1943
Supplement), title "Revenue and Taxes, " sub-title "Income
Tax, " said new sub-section to be known as sub-section (q)
of Section 224, and to follow immediately after sub-section
(p) of Section 224, said new sub-section to read as follows:

224. (q) Beginning with the calendar year 1944 or a
fiscal year ending in 1944, and thereafter, contributions
to or under a stock bonus, pension, profit-sharing or annu-
ity plan and compensation to an employee under a deferred
payment plan to the extent that, and for the taxable year in
which, such contribution or deferred compensation is
allowable as a deduction from gross income either under
Section 23 of the United States Internal Revenue Code, as
amended from time to time, or under such regulations as
the Comptroller may adopt pursuant to this Section 224.

SEC. 3. And be it further enacted, That a new sub-
section be and the same is hereby added to Section 251 of
Article 81 of the Annotated Code of Maryland (1939
Edition), title "Revenue and Taxes, " sub-title "Income
Tax, " said new sub-section to be known as sub-section (c)
of Section 251, and to follow immediately after sub-section
(b) of Section 251, said new sub-section to read as follows:

251. (c) The income of any trust forming part of a
stock bonus, pension, profit-sharing, annuity or deferred
compensation plan established by an employer for the
benefit of his employees or their beneficiaries shall not be
taxable under this sub-title in any taxable year for which
the trust is exempt under Section 165 of the United States
Internal Revenue Code, as amended from time to time, or
in any taxable year in which the contributions to the trust
by the employer are deductible from the employer's gross
income under Section 224 (q).

SEC. 4. And be it further enacted, That this Act is
hereby declared to be an emergency law and necessary for
the immediate preservation of the public health and safety
and having been passed upon by yea and nay vote sup-
ported by three-fifths of all the members elected to each