1975]                                HOUSE OF DELEGATES                                    35

Article 81 — Revenue and Taxes
Sections 12F-1, 12F-2, and 12F-3
Annotated Code of Maryland
(1975 Replacement Volume)

BY repealing and re-enacting, with amendments,

Article 81 — Revenue and Taxes
Section 49C

Annotated Code of Maryland
(1975 Replacement Volume)

BY repealing and re—enacting, with amendments,

Article 81 — Revenue and Taxes

Sections 150, 280(b), 280A(b) and (c), 312 (h)(2),

433, 434 and 460
Annotated Code of Maryland
(1975 Replacement Volume)

Read the first time and referred to the Committee on
Rules.

Senate Bill No. 2 - By The President:
AN ACT concerning

State Aid for Police Protection Fund -

Increase Aid, Inheritance Tax — Tax on

Collaterals, Income Tax — Definition of

Net Income, Individual Income Tax —

Advancement of Collection of Withholding,

and Cigarette Tax — Increase in Rate

FOR the purpose of increasing the aid to certain
subdivisions by changing per capita amounts;
adjusting population densities and percent of
population in municipalities and increasing the
minimum guarantee and providing an incentive grant
and providing a supplemental grant; providing a
certain inheritance tax rate on every certain amount
of clear value of property having a taxable situs in
this State; deleting from modifications made with
respect to the net income of a corporation (1) the
subtraction of 50 percent of the excess of net
long—term capital gain over short-term capital loss
and (2) the addition of the net operating loss
deduction as defined in Section 172 of the Internal
Revenue Code; deleting from the modifications made
with respect to the net income of an individual
taxpayer the addition of the net operating loss as