Marvin Mandel, Governor                          663

1.

The County Commissioners of Carroll County are hereby au-
thorized to borrow on the credit of Carroll County at such time or
times as they shall determine, such sum or sums of money not
exceeding the sum of Two Hundred Thousand Dollars ($200,000)
and to issue promissory notes thereof, with interest not exceeding
[five] eight per centum [5%] 8% and not less than Fifty Thousand
Dollars ($50,000) of said notes shall mature and be paid each year
and no note shall be issued to mature more than five years after
the first note is issued. The money so borrowed shall be used for
the purpose of acquisition of lands for parks and recreation areas
only, and no part thereof shall be used for any other purpose.

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

Approved April 22, 1970

CHAPTER 280
(Senate Bill 424)

AN ACT to repeal and re-enact, with amendments, Section 292 of
Article 81 of the Annotated Code of Maryland (1969 Replace-
ment Volume), title "Revenue and Taxes," subtitle "Income Tax,"
to provide a reduction in the amount of franchise tax allowable
as a credit by a corporation against its income taxes.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 292 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"Income Tax," be and it is hereby repealed and re-enacted, with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:

292.

Every domestic corporation shall be allowed to credit against the
income tax payable by it under this subtitle, so much of the annual
franchise tax payable by it during the taxable year under the
provisions of Section 197 of this article, as is in excess of [$25]

Sec. 2. And be it further enacted, That this Act shall take effect
January 1, 1971 and shall apply to all corporate returns beginning
with the calendar year 1970 and/or fiscal years ending in 1971.

Approved April 22, 1970

CHAPTER 281
(Senate Bill 432)

AN ACT to repeal and re-enact, with amendments, Section 190 (14)
of Article 77 of the Annotated Code of Maryland (1969 Replace-