MARVIN MANDEL, Governor                           3497

from the Secretary of General
Services.]

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
is hereby declared to be an emergency measure and
necessary for the immediate preservation of the public
health and safety and having been passed by a yea and nay
vote supported by three—fifths of all the members elected
to each of the two Houses of the General Assembly, the
same shall take effect from the date of its passage.

Approved May 15, 1975.

CHAPTER 839

(Senate Bill 22)

AN ACT concerning

Income Tax — Items of Tax Preference

FOR the purpose of imposing the State income tax on
certain income which receives preferential treatment
for federal income tax purposes, defining this
income, and providing for taxation of such income to
individuals [[and corporations]], and generally
relating to the income tax of individuals [[and
corporations]].

BY repealing and re—enacting, with amendments,

Article 81 — Revenue and Taxes

Section 280(b) [[and 280A(b)]]

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

BY adding to

Article 81 — Revenue and Taxes

Section 280B

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That [[Sections 280(b) and 280A(b)]] Section
280(b) of Article 81 — Revenue and Taxes, of the
Annotated Code of Maryland (1969 Replacement Volume and