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Ch. 759
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3006
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LAWS OF MARYLAND
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CHAPTER 759
(House Bill 213)
AN ACT concerning
Income Tax — Net Income of a Corporation
FOR the purpose of clarifying the amounts which must be
added to the federal taxable income of a corporate
taxpayer in order to determine the net income of the
corporation for purposes of the Maryland income tax
law.
BY repealing and reenacting, with amendments,
Article 81 — Revenue and Taxes
Section 280A (b)
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 280A(b) 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hereby repealed and reenacted, with amendments, to read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
280.
(b) There shall be added to the taxable income of
such taxpayer: (1) NET income taxes, AND ALL OTHER NET
TAXES BASED ON INCOME, imposed by the State of Maryland,
and any other state, the District of Columbia and any
political subdivision of the State of Maryland or any
other state; (2) the net capital loss carry-back as
defined in 1212 of the Internal Revenue Code, as
amended from time to time and (3) for all taxable years
beginning after December 31, 1973, the oil percentage
depletion allowance as claimed and allowed under § 613 of
the Internal Revenue Code.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1977, and shall apply to all
taxable years beginning after December 31, 1976.
Approved May 26, 1977.
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CHAPTER 760
(House Bill 233)
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