|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3236
|
|
|
|
|
|
Ch. 811
|
|
|
|
|
LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
Approved May 26, 1977.
|
|
|
|
|
|
|
|
|
|
CHAPTER 812
(House Bill 1289)
AN ACT concerning
Net Income of Corporations
FOR the purpose of providing that certain amounts
included in federal income shall be subtracted from
taxable income in order to determine the net income
of a corporation for income tax purposes.
BY repealing and reenacting, with amendments,
Article 81 — Revenue and Taxes
Section 280A(c)
Annotated Code of Maryland
(1975 Replacement Volume and 1976 Supplement)
|
|
|
|
|
|
|
|
|
|
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 280A(c) 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hereby repealed and reenacted, with amendments, to read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
280A.
(c) There shall be subtracted from taxable income
of 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) interest income on obligations of the United
States and its instrumentalities; AND (4) ANY AMOUNTS
INCLUDED THEREIN BY OPERATION OF THE PROVISIONS OF
SECTION 78 OF THE INTERNAL REVENUE CODE OF 1954.
|
|
|
|
|
|
|
|
|
|
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1977.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
