BLAIR LEE III, Acting Governor                        110 5

State Administrative Board of Election Laws, and the party
shall not be deemed a political party for the purposes of
this article, and the applicant shall be promptly notified.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved April 11, 1978.

CHAPTER 136

(House Bill 659)

AN ACT concerning

Income Tax - Lump Sum Distributions

FOR the purpose of clarifying the State income tax treatment
of certain lump sum distributions from retirement
accounts by providing a modification addition to
Federal adjusted gross income; and providing for the
applicability of this Act to certain tax years.

BY repealing and reenacting, with amendments,

Article 81 — Revenue and Taxes

Section 280(b)

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 - Revenue and Taxes

280.

(b) There shall be added to federal adjusted gross
income: (1) interest or dividends, (less related expenses),
on obligations or securities of any state or of a political
subdivision or authority thereof (other than this State and
its political subdivisions and authorities); (2) salaries
and wages and interest or dividends on obligations of any
authority, commission, instrumentality, territory or
possession of the United States or of any foreign
government, which by the laws or treaties of the United
States are exempt from federal income tax but not from State
income taxes; (3) dividends received by individuals excluded
from federal adjusted gross income pursuant to § 116 of the
Internal Revenue Code; (4) for all taxable years beginning
after December 31, 1974, 50 percent of the sum of the items