LAWS OF MARYLAND 1968

MARYLAND, Sct.:

At a Session of the General Assembly of Maryland, Beginning
in the City of Annapolis on the Seventeenth Day of Janu-
ary 1968, and Ending on the Twenty-sixth Day of March,
1968, Spiro T. Agnew, being Governor of the State, the
following Laws were enacted, to wit:

CHAPTER 1
(Senate Bill 175)

AN ACT to repeal and re-enact, with amendments, Section 280(c)
of Article 81 of the Annotated Code of Maryland, (1967 Supple-
ment) title "Revenue and Taxes", subtitle "Income Tax", provid-
ing generally for the subtraction from federal adjusted gross
income in arriving at taxable net income for years ending after
December 31, 1966, of certain amounts received as annuities,
pensions, or endowments, and declaring this Act to be an emer-
gency measure.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 280(c) of Article 81 of the Annotated Code of Mary-
land (1967 Supplement), title "Revenue and Taxes", subtitle "Income
Tax", be and it is hereby repealed and re-enacted, with amendments,
to read as follows:

280.

(c) There shall be subtracted from federal adjusted gross income:
(1) interest or dividends on obligations of the United States and
its territories and possessions or of any authority, commission or
instrumentality of the United States to the extent includable in
gross income for federal income tax purposes but exempt from State
income taxes under the laws of the United States; (2) dividends
received upon stock of national banks located within or without the
State and also domestic corporations the shares of which are subject
to ordinary taxes; (3) undistributed income received by individuals
from electing small business corporations, as defined in Section 1371
of the Internal Revenue Code, which have complied with the pro-
visions of Subchapter, "S" of the Internal Revenue Code; [and]
(4) payments received by policemen and firemen from pension
systems for injuries or disabilities arising out of and in the course
of their employment as policemen or firemen; and (5) for all taxable
years ending after December 31, 1966, amounts received by an
individual who has attained the age of 65 years before the close of
the taxable year, as an annuity, pension, or endowment under a
private, municipal, state or federal employee retirement system, and
included in such individual's federal adjusted gross income, this
subtraction not to exceed $1,200 less the amount of old age, survivors,
or disability benefits received under either the Social Security Act ,

Explanation: Italics indicate new matter added to existing law.
[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.