448                               LAWS OF MARYLAND                        [CH. 281

TITLE, BE AND THEY ARE HEREBY REPEALED AND RE-
ENACTED, WITH AMENDMENTS; AND THAT SECTIONS
283 (D-1) AND 283 (F-1) BE AND THEY ARE HEREBY ADDED
TO SAID ARTICLE AND SUB-TITLE, ALL TO READ AS
foLLOWS:

283.

(D) THERE IS HEREBY ANNUALLY LEVIED AND IM-
POSED FOR EACH YEAR BEGINNING AFTER DECEMBER 81,

1947, AND ENDING ON OR BEFORE DECEMBER 31, 1954, A
TAX ON THE NET INCOME OF EVERY CORPORATION (DO-
MESTIC OR FOREIGN) AT THE RATE OF foUR PERCENT
(4%) OF SUCH PORTION THEREOF AS IS ALLOCABLE TO
THIS STATE UNDER THE PROVISIONS OF SECTION 312
HEREOF.

285.

(C) IN LIEU OF THE REGULAR METHOD OF COMPUTA-
TION PROVIDED BY THIS SUB-TITLE, AND THE PAYMENT
OF THE TAX IMPOSED BY SECTION 283 (C) OF THIS SUB-
TITLE, AN INDIVIDUAL REPORTING ON A CASH BASIS FOR
ANY TAXABLE YEAR BEGINNING AFTER DECEMBER 31,

1948,   AND ENDING ON OR BEFORE DECEMBER 31, 1954,
MAY ELECT TO PAY THE TAX AS SHOWN IN THE foLLOW-
ING TABLE, IF HIS GROSS INCOME FOR THE TAXABLE
YEAR IS TEN THOUSAND DOLLARS ($10,000.00) OR LESS,
AND CONSISTS ONLY OF ONE OR MORE OF THE FOLLOW-
ING: (1) SALARY; (2) WAGES; (3) COMPENSATION FOR
PERSONAL SERVICES; OR (4) DIVIDENDS, INTEREST AND
ANNUITIES NOT IN EXCESS OF FIVE HUNDRED DOLLARS
($500.00) IN THE AGGREGATE.

283.

(D-1) THERE IS HEREB.Y ANNUALLY LEVIED AND IM-
POSED FOR EACH YEAR BEGINNING AFTER DECEMBER 31,
1954, A TAX ON THE NET INCOME OF EVERY CORPORA-
TION (DOMESTIC OR FOREIGN) AT THE RATE OF foUR
AND ONE-HALF PER CENT (4 1/2%) OF SUCH PORTION
THEREOF AS IS ALLOCABLE TO THIS STATE UNDER THE
PROVISIONS OF SECTION 312 HEREOF.

(F-1) IF THE TAXPAYER'S TAXABLE YEAR IS FISCAL
YEAR ENDING IN 1955, SUCH TAXPAYER SHALL COMPUTE
HIS TAX LIABILITY AS PRESCRIBED IN THIS SECTION IN
THE foLLOWING MANNER: A TAX SHALL FIRST BE COM-
PUTED ACCORDING TO THE RATES APPLICABLE TO THE
CALENDAR YEAR 1954. A TENTATIVE TAX SHALL THEN
BE COMPUTED ACCORDING TO THE RATES APPLICABLE
TO THE CALENDAR YEAR 1955, AND THE DIFFERENCE
BETWEEN THE TAX AND THE TENTATIVE TAX SHALL BE
DETERMINED. SUCH TAXPAYER'S LIABILITY UNDER THIS
SECTION SHALL BE THE SUM OF (A) THE TAX AS COM-
PUTED ACCORDING TO THE RATES APPLICABLE TO THE
CALENDAR YEAR 1954, AND (B) THAT PROPORTION OF
THE DIFFERENCE BETWEEN THE TAX AND THE TENTA-
TIVE TAX, AS DEFINED ABOVE, AS THE NUMBER OF