J. MILLARD TAWES, Governor                        379

cable, be subject to a fine of not more than $500 and OR imprisonment
not to exceed six (6) months. , OR BOTH.

(c) In addition to any other criminal or administrative penalty
provided in this subtitle or otherwise, an insured who shall have paid
such unlawful charges may within two (2) years from the date of
such payment recover from the premium finance company a sum
equal to twice the amount of the overcharge or illegal charge, to-
gether with reasonable counsel fees and the costs of the proceeding.

Sec. 2. This AND BE IT FURTHER ENACTED, THAT THIS
Act shall take effect June 1, 1964.

Approved April 7, 1964.

CHAPTER 142
(House Bill 18)

AN ACT to repeal and re-enact, with amendments, Sections 280 (p),
281 (r) and 313 (c) of Article 81 of the Annotated Code of Mary-
land (1957 Edition and 1963 Supplement), title "Revenue and
Taxes", subtitle "Income Tax", to extend to self-employed indi-
viduals the provisions of the Maryland Income Tax Law relating
to stock bonus, pension, annuity, profit-sharing, or deferred com-
pensation plans for employees.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 280(p), 281 (r) and 313(c) of Article 81 of the Anno-
tated Code of Maryland (1957 Edition and 1963 Supplement), title
"Revenue and Taxes", subtitle "Income Tax", be and they are hereby
repealed and re-enacted, with amendments, to read as follows:

280.

(p) In other than the taxable year in which actually distributed
or made available to him, any person's share of a contribution or pay-
ment made by an employer to a stock bonus, pension, annuity, profit-
sharing or deferred compensation plan established by an employer
for the benefit of his employees or their beneficiaries which for the
taxable year with respect to which the contribution or payment is
made meets the requirements of [Section 165] Sections 401 or 405 of
the United States Internal Revenue Code of 1954, as amended from
time to time; and, in addition, in the taxable year in which actually
received or made available, so much of the aggregate benefits to the
beneficiary of annuities under a plan meeting such requirements as
exceed "annuity income" (as defined in Section 279(1) of this sub-
title); provided, however, that the portion, if any, of such contribu-
tion applied to a purchase of life insurance protection prior to the
retirement of the employee, shall be deemed to be a part of his com-
pensation and included in his gross 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 provided in sub-
section (b) of this section. For purposes of this subsection, the term