1790

LAWS OF MARYLAND

Ch. 637

NO FURTHER FORCE AND EFFECT.

SECTION 2. AND BE IT FURTHER ENACTED, That Section
280A (c) of Article 81 — Revenue and Taxes, of the
Annotated Code of Maryland (1975 Replacement Volume and
1975 Supplement) be and it is hereby repealed and
reenacted, with amendments, to read as follows:

Article 81 — Revenue and Taxes

2 80 A.

(c) There shall be subtracted from taxable income
of [such] THE 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) 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
stater; and (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 and Title 12,
Subtitle 2 of the Commercial Law Article of the Code, and
interest earned on business accounts, notes receivable
and installment contracts]; AND (3) INTEREST INCOME ON
OBLIGATIONS OF THE UNITED STATES GOVERNMENT AND ITS
INSTRUMENTALITIES.

SECTION 3. AND BE IT FURTHER ENACTED, That for the
fiscal year 1976—77 only, and from only those funds
provided by the proceeds of the inclusion as taxable
income of corporations certain nonbusiness interest and
dividend income as provided by the amendments to Section
280A(c) added by the general repeal and reenactment
thereof, as provided in Section 2 of this Act, and from
no other funds; and subject to the provisions of law
relating to budgetary procedure to the extent applicable,
the amount specified below; or so much thereof as is
sufficient to accomplish the purpose designated, is
hereby appropriated and authorized to be disbursed from

so much of the monies as are received by the State from

the inclusion as taxable income of corporations certain
nonbusiness interest and dividend income provided by
Section 2 of this Act as aforesaid.

33.01.03 Pilot Program for Displaced
Homemakers
For the purpose of providing

finds for a pilot program

for displaced homemakers

in accordance with Sections

90 through 100 of Article 85A
General Fund Appropriation...........$190,000