MARVIN MANDEL, Governor                            2233

REFUND CLAIM, THE LIMITATIONS OF ACTION AS SET FORTH IN
SUBSECTION (B) OF THIS SECTION SHALL NOT APPLY IF THE
TAXPAYER HAS FILED A PROTECTIVE CLAIM OR OTHERWISE
NOTIFIED THE COMPTROLLER OF THE PENDING AUDIT OR REFUND
CLAIM WITH THE INTERNAL REVENUE SERVICE WITHIN THREE
YEARS FROM THE DATE THE STATE TAX RETURN WAS DUE TO BE
FILED.

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

Approved May 17, 1976.

CHAPTER 814

(House Bill 1747)

AN ACT concerning

Income Tax — Oil Depletion Allowance

FOR the purpose of imposing the State income tax on
certain tax preference items representing the oil
percentage depletion allowance granted to
individuals under the federal income tax, making
other necessary changes in the law, providing for
the effective date of the imposition, and clarifying
the language.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 280 (b) and 280B (a)

Annotated Code of Maryland

(1975 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 280 (b) and 280B (a) of Article
81 — Revenue and Taxes, of the Annotated Code of Maryland
(1975 Replacement Volume and 1975 Supplement) be and they
are hereby repealed and reenacted, with amendments, to
read as follows:

Article 81 — Revenue and Taxes

280.

(b) There shall be added to federal adjusted gross
income: (1) interest or dividends, (less related
expenses), on obligations or securities of any state or
of a political subdivision or authority thereof (other