2480                                     LAWS OF MARYLAND                            Ch. 904

ACT TO RECEIVE THE SEPARATE AND TOTAL REBATES FOR WHICH
APPLICATION IS MADE.

(I) THE TOTAL FUNDS PROVIDED FOR THE PROGRAM MAY

NOT EXCEED $250,000 FOR EACH FISCAL YEAR IN WHICH THE

REBATES ARE OFFERED. THESE FUNDS MAY BE AWARDED ANNUALLY

ON A PRO RATA BASIS ACCORDING TO THE NUMBER OF ELIGIBLE

APPLICANTS.

(J) ANY EMPLOYER WHO HAS SATISFIED THE

REQUIREMENTS OF THIS SECTION AND WHO HAS FILED AN

APPLICATION OR OTHERWISE STATED AN INTENT TO APPLY FOR A
REBATE AS HEREIN PROVIDED ON OR BEFORE [[THE DATE

SPECIFIED BY THE DEPARTMENT]] MAY 1 MAY APPLY FOR THE

REBATE BETWEEN SEPTEMBER 15 AND OCTOBER 15.

(K) WAGES PAID TO PERSONS EMPLOYED UNDER THE TERMS
OF THIS ACT SHALL NOT CONSTITUTE WAGES FOR THE PURPOSE OF
COMPUTING ELIGIBILITY FOR UNEMPLOYMENT INSURANCE BENEFITS
PURSUANT TO THE PROVISIONS OF SECTION 3(B) OF ARTICLE 95A
OF THE ANNOTATED CODE 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1975 Supplement) be and it is hereby repealed and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; (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) 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.]; AND

(3) INTEREST INCOME ON OBLIGATIONS OF THE UNITED

STATES AND ITS INSTRUMENTALITIES.

SECTION 3. AND BE IT FURTHER ENACTED, That for the

fiscal year 1976—1977 only, and from only those funds

provided by the proceeds of the inclusion as taxable

income of corporations certain nonbusiness interest and