Marvin Mandel, Governor                        1919

CHAPTER 674
(Senate Bill 423)

AN ACT to repeal and re-enact, with amendments, Section 280A (b)
of Article 81 of the Annotated Code of Maryland (1969 Replace-
ment volume), title "Revenue and Taxes," subtitle "Income Tax,"
providing for a modification to corporate net income, requiring
that same be increased by the amount of Franchise Tax per-
mitted as a credit against the corporate income tax liability.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 280A (b) of Article 81 of the Annotated Code of
Maryland (1969 Replacement Volume), title "Revenue and Taxes,"
subtitle "Income Tax," be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

280A.

(b) There shall be added to the taxable income of such taxpayer:
(1) the net operating loss deduction as defined in Section 172 of
the Internal Revenue Code, as amended from time to time and (2)
income taxes imposed by the State of Maryland, and any other
state, the District of Columbia and any political subdivision of the
State of Maryland or any other state, and (3) for all taxable years
beginning after December 31, 1969, the amount of credit allowed
against the income tax payable hereunder, to the extent of the
franchise tax credit as provided by Section 292 hereof.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved May 21, 1970.

CHAPTER 675
(Senate Bill 425)

AN ACT to add new Section 304 (f) to Article 81 of the Annotated
Code of Maryland (1969 Replacement Volume), title "Revenue and
Taxes", subtitle "Income Tax", to follow immediately after Sec-
tion 304 (e) thereof, authorizing the Comptroller to offset a tax-
payer's income tax deficiencies by his overpayments in certain
instances.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 304 (f) be and it is hereby added to Article 81
of the Annotated Code of Maryland (1969 Replacement Volume),
title "Revenue and Taxes", subtitle "Income Tax", to follow im-
mediately after Section 304 (e) thereof, and to read as follows:

304.

(f) In those instances where the Comptroller is determining the
income tax liability of a taxpayer for more than one taxable period,
simultaneously developing both overpayments and deficiencies for