3566                                        LAWS OF MARYLAND                     [Ch. 867

CHAPTER 867
(House Bill 996)

AN ACT concerning

Inheritance Tax — Joint Savings Account

FOR the purpose of subjecting a surviving spouse only
a certain percentage of taxation on the amount of
any joint savings accounts up to an aggregate of a
certain amount.

BY repealing and re—enacting, with amendments,

Article 81 — Revenue and Taxes

Section 149 and 150

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 149 and 150 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are hereby repealed and re-enacted, with amendments, to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

149.

There is hereby levied and imposed a tax at the rate
of one per centum on every one hundred dollars of the
clear value of any and all property, having a taxable
Situs in this State, passing at the death of any resident
or nonresident decedent, in trust or otherwise, to or for
the use of the father, mother, husband, wife, children,
lineal descendants of such decedent or any stepchild or
stepparent of the decedent[; and be it further provided
that any person who is a spouse of a lineal descendant of
the decedent, shall only be subject to a one percent tax
on a single joint savings account which has less than two
thousand dollars deposited therein] THE RATE OF 1 PERCENT
SHALL APPLY ALSO TO THE AMOUNT OF ANY JOINT SAVINGS
ACCOUNT PASSING AT THE DEATH OF THE DECEDENT BY
SURVIVORSHIP TO A SPOUSE OF A LINEAL DESCENDANT UP TO AN
AGGREGATE OF $2000 FOR ALL ACCOUNTS HELD JOINTLY WITH ANY
SUCH SPOUSE, ANY AMOUNT IN EXCESS OF THAT AMOUNT TO BE
TAXED AT THE COLLATERAL RATE PROVIDED IN § 150.

150.