970                              Laws of Maryland                       Ch. 411

thirds (⅔) of the total estimated gross income from all sources for
the taxable year, in lieu of the time prescribed in subsection (j)
above, the declaration for the taxable year may be made at any time
on or before January 15 of the succeeding taxable year but, if such
individual files a return for the taxable year for which the declara-
tion is required and pays in full the tax computed on the return as
payable on or before [February 15] March 1 of the succeeding tax-
able year, then:

(1) Such return shall be considered as such declaration, and
(2), if the tax shown on the return is greater than the estimated tax
shown in a declaration previously made, or in the last amendment
thereof, such return shall be considered as an amendment of the
declaration to be filed on or before January 15.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970, FOR ALL TAXABLE YEARS ENDING AFTER
DECEMBER 31, 1969.

Approved April 28, 1970

CHAPTER 411
(House Bill 995)

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,"
to provide that net capital loss carrybacks of corporations be added
to the federal adjusted income in arriving at the State taxable net
income.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 280A(b) of Article 81 of the Annotated Code of Mary-
land (1969 Replacement Volume), title "Revenue and Taxes," sub-
title "Income Tax," be and it is hereby repealed and reenacted with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) the net capital loss carry-
back as defined in Section 1212 of the Internal Revenue Code, as
amended from time to time.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970, FOR ALL TAXABLE YEARS ENDING AFTER DE-
CEMBER 31, 1969.

Approved April 28, 1970