706

LAWS OF MARYLAND

[Ch. 56

payment or payments thereof have been made and
received by the appropriate agency or official of
the State of Maryland, providing for prospective
application of this Act, and providing that the Act
is an emergency measure.

BY repealing and re—enacting, with amendments,

Article 62A - Maryland Estate Tax

Section 2

Annotated Code of Maryland

(1972 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 2 of Article 62A - Maryland Estate
Tax, of the Annotated Code of Maryland (1972 Replacement
Volume and 1974 Supplement) be and it is hereby repealed
and re—enacted, with amendments, to read as follows:

Article 62A - Maryland Estate Tax

2.

In addition to the tax and/or taxes imposed by
Article 81, a "Maryland estate tax" is hereby imposed
upon the transfer of the "Maryland estate" of every
"decedent," the amount of which "Maryland estate tax"
shall be equal to the extent, if any, of the excess of
the "credit" over the aggregate of "State taxes" paid by
or out of the "Maryland estate" of the "decedent" or any
part thereof, provided, however, that such "Maryland
estate tax" hereby imposed shall in no case exceed the
extent to . which its payment will effect a saving or
diminution in the amount of the "federal estate tax"
payable by or out of the "Maryland estate" of the
"decedent" had this article not been enacted[.]; AND
PROVIDED FURTHER THAT "STATE TAXES" WILL BE CONSIDERED
"PAID" ONLY WHEN AND AS PAYMENT OR PAYMENTS THEREOF HAVE
BEEN MADE AND RECEIVED BY THE APPROPRIATE AGENCY OR
OFFICIAL OF THE STATE OF MARYLAND.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall be construed only prospectively and shall not be
applied or interpreted to have any effect upon or
application to any estate where the decedent died prior
to the effective date of this Act.

SECTION [[2]] 3. AND BE IT FURTHER ENACTED, That
this Act is hereby declared to be an emergency measure
and necessary for the immediate preservation of the