4 LAWS OF MARYLAND. [CH. 2

greater amount than One Million Two Hundred Thousand
Dollars ($1, 200, 000. 00) for money borrowed under this sub-
title.

SEC. 2. And be it further enacted, That this Act is hereby
declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety, and
having been passed by a yea and nay vote, supported by three-
fifths of all of the members elected to each of the two Houses
of the General Assembly of Maryland, the same shall take
effect from the date of its passage.

Approved January 18, 1949.

CHAPTER 2
(House Bill 76)

AN ACT to repeal and re-enact, with amendments, Sub-sec-
tion (c) of Section 230 of Article 81 of the Annotated
Code of Maryland (1947 Supplement) and Sub-section (d)
of Section 230B of Article 81 of the Annotated Code of
Maryland (1947 Supplement), as amended by Chapter 1
of the Laws of Maryland, Extraordinary Session of 1948,
title "Revenues and Taxes", sub-title "Income Tax", re-
lating to the rate of income tax payable by individuals for
the taxable year 1948, and thereafter.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sub-section (c) of Section 230 of Article 81 of
the Annotated Code of Maryland (1947 Supplement), and
Sub-section (d) of Section 230B of Article 81 of the Anno-
tated Code of Maryland (1947 Supplement), as amended by
Chapter 1 of the Laws of Maryland, Extraordinary Session
of 1948, title "Revenue and Taxes", sub-title "Income Tax",
be and they are hereby repealed and re-enacted, with amend-
ments, to read as follows:

230.

(c) There is hereby annually levied and imposed for each
year beginning after December 31, 1947, a tax on the net in-
come of every resident individual of this State and on the net
income, taxable in this State, of every individual not a resi-
dent of this State. Such tax shall be at the rate of five percent
(5%) on the amount of the taxable net income up to but not