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Ch. 247
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1904
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LAWS OF MARYLAND
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THE ASSOCIATION OR INSTITUTION, WHETHER IT BE A SPECIFIC
STATE AGENCY OR THE COMPTROLLER, SHALL BE REQUIRED TO
DETERMINE IF THE FUNDS HAVE BEEN EXPENDED AND ACCOUNTED
FOR CONSISTENT WITH THE UNDERLYING AGREEMENTS.
(E) UPON COMPLETION OF THE DETERMINATIONS REQUIRED
BY THIS SECTION THE STATE AGENCY OR STATE COMPTROLLER
SHALL NOTIFY THE DEPARTMENT OF BUDGET AND FISCAL PLANNING
AND THE DEPARTMENT OF FISCAL SERVICES OF ANY
INCONSISTENCIES NOTED BETWEEN THE AGREEMENTS AND THE
ACTUAL EXPENDITURES OR OPERATIONS OF THE ASSOCIATIONS AND
INSTITUTIONS.
(D) (F) THE COMPTROLLER OR STATE AGENCY OR
COMPTROLLER MAY AUDIT THE FINANCIAL AFFAIRS OF ANY SUCH
ASSOCIATION OR INSTITUTION IN ORDER TO INSURE COMPLIANCE
WITH THIS SECTION.
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SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved April 29, 1977.
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CHAPTER 248
(House Bill 239)
AN ACT concerning
Income Tax — Subchapter S Corporations
FOR the purpose of exempting from the State corporate
income tax those small business corporations which
hare elected to be taxed as Subchapter S
corporations.
BY repealing and reenacting, with amendments,
Article 81 — Revenue and Taxes
Section 288(d)
Annotated Code of Maryland
(1975 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 288(d) of Article 81 - Revenue and
Taxes, of the Annotated Code of Maryland (1975
Replacement Volume and 1976 Supplement) be and it is
hereby repealed and reenacted, with amendments, to read
as follows:
Article 81 - Revenue and Taxes
288.
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