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2364
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Ch. 512
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LAWS OF MARYLAND
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(b) A "tax option" corporation which has elected
to file its federal income tax return under the
provisions of § 1371 of Subchapter "S" of the Internal
Revenue Code and for purposes of subsection (a) of this
section, shall account for its tax preference items as
Belonging to the corporation. These items of tax
preference may not be treated as belonging to the
individual shareholders of the corporation.
(c) The determination of the tax preference items
of a nonresident individual under subsection (a) of this
section for purposes of this subtitle are governed by the
following provisions:
(1) The items of tax preference of a nonresident
individual of this State include only those items which
are properly allocated to this State in accordance with
the provisions of § 287 of this subtitle.
(2) Nonresident individuals having tax preference
items allocable both within and without this State, are
allowed only that proportion of the [$30,000] exclusion,
as provided in this section, as the items of tax
preference allocable to this State bear to their total
items of tax preference.
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SECTION 2. AND BE IT FURTHER ENACTED, That the
provisions of this Act are applicable to all calendar
years beginning after December 31, 1975.
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SECTION 3. AND BE IT FURTHER ENACTED, That this Act
is hereby declared to be an emergency measure and
necessary for the immediate preservation of the public
health and safety and having been passed by a yea and nay
vote supported by three-fifths of all the members elected
to each of the two Houses of the General Assembly, the
same shall take effect from the date of its passage.
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Approved May 17, 1977.
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CHAPTER 513
(House Bill 1064)
AN ACT concerning
Worcester County Boards Board of Education - Appointment
of Nonprofessional Employees
FOR the purpose of requiring the advice and consent of
the county boards board of education for
appointments of clerical and other nonprofessional
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