2226

LAWS OF MARYLAND

Ch. 809

to Article 81 — Revenue and Taxes, of the Annotated Code
of Maryland (1975 Replacement Volume and 1975 Supplement)
to read as follows:

Article 81 — Revenue and Taxes

312A.

(A)    THE COMPTROLLER MAY REVOKE OR SUSPEND [[THE
LICENSE OF]] ANY LICENSE ISSUED BY THE COMPTROLLER TO
ANY BUSINESS EMPLOYER WHO WILFULLY FAILS TO DEDUCT,
WITHHOLD AND PAY TO THE COMPTROLLER THE TAXES PROVIDED
FOR IN § 312.

(B)    ANY EMPLOYER WHO WILFULLY VIOLATES ANY OF THE
PROVISIONS OF § 312 SHALL BE DEEMED GUILTY OF A
MISDEMEANOR AND UPON CONVICTION BE SUBJECT TO A FINE NOT
TO EXCEED $500 OR IMPRISONMENT NOT TO EXCEED SIX MONTHS,
OR BOTH, IN THE DISCRETION OF THE COURT.

(C)    THE COMPTROLLER IS AUTHORIZED TO ESTABLISH
ROLES AND REGULATIONS FOR IMPLEMENTING THE PROVISIONS OF
THIS SECTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this   Act

shall be construed only prospectively and may not     be

applied or interpreted to have any effect upon     or

application to any event or happening occurring prior     to
the effective date of this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 17, 1976.

CHAPTER 810

(House Bill 1741)

AN ACT concerning

Income Tax — Subchapter S Corporations

FOR the purpose of providing for treatment for State
income tax purposes of distributions of corporate
income of Subchapter S corporations in the same
manner as this corporate income is treated under the
federal Internal Revenue Code and providing for the
effective date of this treatment.

BY repealing and reenacting, with amendments,