2230                                          LAWS OF MARYLAND                                Ch. 811

Article 77 - Public Education

106E-1.

IN ADDITION TO ANY REQUIREMENT OTHERWISE PROVIDED BY
LAW, FOR FISCAL YEAR 1977 THE STATE SHALL CONTRIBUTE THE
FULL AMOUNT AS REQUIRED FOR SPECIAL EDUCATION SERVICES IN
NONPUBLIC PROGRAMS AS PROVIDED BY SECTION 106E-3(D(2) OF
THIS ARTICLE.

[[SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY
OF MARYLAND]] 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Volume and 1975 Supplement) be and it is hereby repealed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

280A.

(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; [[AND]] (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 state; AND (3) INTEREST INCOME ON OBLIGATIONS OF
THE UNITED STATES AND ITS INSTRUMENTALITIES [; 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].

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.

36.01.02.07 Handicapped Children