1106

LAWS OF MARYLAND

Ch. 136

of tax preference as determined under the provisions of §
280B of this subtitle; [and] (5) for all taxable years
beginning after December 31, 1975, the oil percentage
depletion allowance as claimed and allowed under § 613 of
the Internal Revenue Code, as amended from time to time[.];
AND (6) THE ORDINARY INCOME PORTION OF A LUMP SUM
DISTRIBUTION ALLOWABLE AS A DEDUCTION FROM FEDERAL ADJUSTED
GROSS INCOME UNDER § 402(E)(3) OF THE INTERNAL REVENUE CODE,
AND, TO THE EXTENT TREATED AS ORDINARY INCOME, 50 PERCENT
OF THE CAPITAL GAIN PORTION OF THE DISTRIBUTION AS PROVIDED
IN § 402(A)(2) OF THE INTERNAL REVENUE CODE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1978 and shall be effective for
all tax years beginning after December 31, 1977.

Approved April 11, 1978.

CHAPTER 137

(House Bill 671)

AN ACT concerning

St. Mary's City Commission — Visitors Center Complex

FOR the purpose of amending the General Construction Loan of
1973 to make the expenditure of certain funds for the
St. Mary's City Commission Visitors Center Complex
contingent on Board of Public Works approval of the
proposed site, rather than of the site and land
acquisition.

BY repealing and reenacting, with amendments,

Chapter 19 5 of the Acts of the General Assembly of 1973
Section 5(T)(1)(a)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That chapter(s) of the Acts of the General
Assembly be repealed, amended, or enacted to read as
follows:

Chapter 195 of the Acts of 1973

SECTION 5. AND BE IT FURTHER ENACTED, That the actual
cash proceeds of the sale of the bonds to be issued under
this Act shall be paid to the Treasurer of the State upon
the warrant of the Comptroller and such proceeds shall be
used exclusively for the following purposes, to wit:

1. The Comptroller, immediately upon the sale