3464

LAWS OF MARYLAND

[Ch. 817

of bank licensing acts, including: Article 11, § 166;
Article 49, § 5 (B); and Article 58A, §§ 1 [through 16]
ET SEQ.

SECTION 8. AND BE IT FURTHER ENACTED, That Sections
277(s) and 280A(c) of Article 81 - Revenue and Taxes, of
the Annotated Code of Maryland (1969 Replacement Volume
and 1974 Supplement) be and they are hereby repealed and
re—enacted, with amendments, to read as follows:

Article 81 — Revenue and Taxes

277.

(s) Notwithstanding the other provisions of this
section, where an instrument of writing is filed only
with the State Department of Assessments and Taxation
under [Article 95B,] § 9-401 (1) (c) OF THE COMMERCIAL
LAW ARTICLE OF THE CODE (The Uniform Commercial
Code—Filing), the Department shall collect the tax at
the rate of $1.65 for each $500 of the principal amount
of the debt secured under the instrument.

The Department shall promptly remit the taxes so
collected to the Comptroller of the Treasury. After
deducting the cost to the Department of administering
this subsection, the Comptroller shall distribute the net
proceeds to the counties and Baltimore City in the same
ratio as the recordation tax collected by each of the
counties and Baltimore City in the next preceding fiscal
year bears to the total recordation taxes collected by
all of the counties and Baltimore City in that year, all
as determined by the Comptroller. The Department of
Assessments and Taxation shall have the authority to
establish and enforce such reasonable rules and
regulations as from time to time it may deem proper to
effect the purposes of this subsection.

280A.

(c) There shall be subtracted from taxable income
of such taxpayer the following items to the extent'
included in federal income: (1) operating revenue subject
to gross receipts taxes imposed by this article (less
related expenses) of railroads, other public utilities
and contract carriers; (2) fifty (50) percent of the
excess of net long—term capital gain over net short—term
capital loss as defined in the laws of the United States,
as amended from time to time; (3) the amount of any
refunds of income taxes paid to the State of Maryland,
any other state, the District of Columbia, and any
political subdivision of the State of Maryland and any
other state; and (4) dividend income to the extent