MARVIN MANDEL, Governor

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(c) There shall be subtracted from taxable income
of such taxpayer the following items to the extent
included in federal income: (1) operating revenue subject
to gross receipts taxes imposed by this article (less
related expenses) of railroads, other public utilities
and contract carriers; [(2) fifty (50) percent of the
excess of net long—term capital gain over net short-term
capital loss as defined in the laws of the United States,
as amended from time to time; (3)] (2) the amount of any
refunds of income taxes paid to the State of Maryland,
any other state, the District of Columbia, and any
political subdivision of the State of Maryland and any
other state; and [(4)] (3) dividend income to the extent
included in taxable income and any interest income other
than interest earned in the conduct of a business, on
loans made under the provisions of Article 58A of this
Code, and interest earned on business accounts, notes
receivable and installment contracts.

312.

(h) (2) The quarterly return and remittance

shall be made to the Comptroller not later than the
[last] TWENTY-FIRST day of the month next after the end
of the calendar quarter, except that where the aggregate
amount required to be deducted and withheld by an
employer for any quarterly period can reasonably be
expected to be at least three hundred dollars ($300.00),
such employer shall file a return and pay the tax
monthly, on or before the fifteenth (15th) day of the
following month for each month, January through November,
inclusive, and on or before January thirty-first (31st)
for the month of December.

433.

The rate or amount of tax hereby levied and imposed
shall be [three (3)] FIVE (5) cents for each ten (10)
cigarettes or fractional part thereof.

434.

The Comptroller shall collect all taxes levied and
imposed under and pursuant to the provisions of this
subtitle, and such taxes shall be paid by purchasing from
the Comptroller stamps of such design and denomination as
may be prescribed by him. In the sale of such stamps
the Comptroller shall allow a discount of [five (5)]
THREE AND ONE-QUARTER (3-1/4) per centum of the purchase
price thereof.

460.

(a) The Comptroller shall pay into a special fund