1975]

HOUSE OF DELEGATES

1 3

Read the first time and referred to the__Committee on

Rules.

House Bill No. 5 - By Delegate Cardin:

AN ACT concerning

Income Tax - Definition of Net Income

FOR the purpose of deleting from the modifications
required to be 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, the intention of
this Act being to provide for the taxation of 100
percent of the excess of net long-term capital gain
over net short—term capital loss, while at the same
time allowing the corporate taxpayer to exclude from
taxable income the net operating loss deduction
permitted by the Internal Revenue Code, and deleting
from the modifications required to be made with
respect to the net income of an individual taxpayer
the addition of the net operating loss deduction as
defined in Section 172 of the Internal Revenue Code.

BY repealing and re—enacting, with amendments,

Article 81 — Revenue and Taxes
Section 280(b) and 280A(b) and (c)
Annotated Code of Maryland
(1975 Replacement Volume)

Read the first time and referred to the Committee on

Rules.

House Bill No. 6 - By Delegates Needle, Cardin, Dean,
Koss, Ross, Scull, Weisengoff and Krysiak:

AN ACT concerning

Restructured Public Campaign Financing Act

FOR the purpose of changing certain limits on
contributions permitted in primary or general
elections, and reinstituting, reorganizing, and
adding new material to the provisions of the Fair
Campaign Financing Act relating to the definitions,
Fair Campaign Financing Commission and its
composition, powers, and duties, Fair Campaign