I

MARVIN MANDEL, Governor                            2115

provisions of this subtitle.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 17, 1976.

CHAPTER 764

(House Bill 1424)

AN ACT concerning

Credit Unions — Tax Exemptions

FOR the purpose of exempting Federal Credit Unions and
State Chartered Credit Unions from the retail sales
tax.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 326(cc)

Annotated Code of Maryland

(1975 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 326(cc) 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hereby repealed and reenacted, with amendments, to read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

326.

The tax hereby levied shall not apply to the
following sales:

(cc) Sales to any credit union organized
under the laws of the State of Maryland AND ANY FEDERAL
CREDIT UNION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 17, 1976.