1975]

SENATE

13

(1975 Replacement Volume)

BY adding to

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
Budget and Taxation.

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