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3498
LAWS OF MARYLAND
[Ch. 839
1974 Supplement) be and [[they are]] it is hereby
repealed and re-enacted, with amendments, to read as
follows:
Article 81 — Revenue and Taxes
280.
(b) There shall be added to federal adjusted gross
income: (1) interest or dividends, (less related
expenses), on obligations or securities of any state or
of a political subdivision or authority thereof (other
than this State and its political subdivisions and
authorities); (2) salaries and wages and interest or
dividends on obligations of any authority, commission,
instrumentality, territory or possession of the United
States or of any foreign government, which by the laws or
treaties of the United States are exempt from federal
income tax but not from State income taxes; (3) except in
the case of disaster losses, as defined in § 165(h) of
the Internal Revenue Code as amended from time to time,
occurring on or after June 1, 1972, the net operating
loss deduction as defined in Section 172 of the Internal
Revenue Code, as amended from time to time; (4) dividends
received by individuals excluded from federal adjusted
gross income pursuant to Section 116 of the Internal
Revenue Code; [and] (5) distributions of corporate prior
years' earnings not previously taxed in Maryland to
individuals and current year losses of corporations
claimed for the taxable year by individuals, resulting
from an election of a small business corporation, as
defined by Section 1371 of the Internal Revenue Code as
amended from time to time, to be taxed in accordance with
the provisions of subchapter "S" of the Internal Revenue
Code; AND (6) FOR ALL TAXABLE YEARS BEGINNING AFTER
DECEMBER 31, 1974, 50 PERCENT OF THE SUM OF THE ITEMS OF
TAX PREFERENCE AS DETERMINED UNDER THE PROVISIONS OF
SECTION 280B OF THIS SUBTITLE.
[[280A.
(b) There shall be added to the taxable income of
such taxpayer: (1) except in the case of disaster losses,
as defined in § 165(h) of the Internal Revenue Code as
amended from time to time, occurring on or after June 1,
1972, the net operating loss deduction as defined in
Section 172 of the Internal Revenue Code, as amended from
time to time; (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; (3) the net capital loss carry—back as
defined in Section 1212 of the Internal Revenue Code, as
amended from time to time; [and] (4) for all taxable
years beginning after December 31, 1973, the oil
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