MARVIN MANDEL, Governor                             2229

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

Approved May 17, 1976.

CHAPTER 811

(House Bill 1742)

AN ACT concerning

[[Income Tax - Corporate Interest and Dividends]]

Special Education — Funding of Private Placement and

Corporate Income Tax — Interest and Dividends

FOR the purpose of providing for the funding of the State

share of the cost of handicapped children in

nonpublic programs; including in the income of
corporations subject to State income tax nonbusiness
interest and dividend income to the same extent
included under the federal income tax; providing for
the effective date of this inclusion; and clarifying
language; providing for an appropriation for the
1976-77 fiscal year of the funds necessary for the
State share of the cost of handicapped children in
nonpublic programs; making this Act contingent upon
the passage of a certain bill; and relating
generally to the funding of the State share of the
cost of handicapped children in nonpublic programs
through inclusion as taxable income of corporations
certain nonbusiness interest and dividend income .

BY adding to

Article 77 — Public Education

Section 106E-1

Annotated Code of Maryland

(1975 Replacement Volume and 1975 Supplement)

BY repealing and reenacting, with amendments,

Article 81 — Revenue and Taxes

Section 280A(c)

Annotated Code of Maryland

(1975 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 106E-1 be and it is hereby

added to Article 77 — Public Education, of the Annotated

Code of Maryland (1975 Replacement Volume and 1975

Supplement) to read as follows: