682

LAWS OF MARYLAND

Ch. 42

annual benefit received in Maryland by persons who retired
at the age of 65 or older under the Social Security and
Railroad Retirement Acts for the prior calendar year. The
Comptroller shall determine the amount of the average
benefit annually and for the purposes of this subparagraph
may allow the subtraction to the nearest $100. The allowed
subtraction shall be reduced by the amount of disability
benefits received under the Social Security Act, the
Railroad Retirement Act, or both, as the case may be.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978 and shall apply to all
taxable years beginning after December 31, 1977.

Approved April 11, 1978.

CHAPTER 43

(Senate Bill 575)

AN ACT concerning

Capital Debt Management Program

FOR the purpose of providing for an annual affordability
analysis of the State debt; creating the Capital Debt
Affordability Committee and providing for its
composition and duties; providing for the allocation of
proposed new State debt among various categories of
capital projects and for notice thereof; providing for
a consolidated capital debt program, including a
Consolidated Loan Budget and one or more bills to
appropriate loan authorizations; and relating generally
to the evaluation and creation of State debt.

BY adding to

Article 31 — Debt - Public

Section 25 to 28, inclusive, to be under the new

subtitle "Capital Debt Management Program"
Annotated Code of Maryland
(1976 Replacement Volume and 1977 Supplement)

BY adding to

Article — Education
Section 5-302(d)
Annotated Code of Maryland

(As enacted by Chapter_____of the Acts of the

General Assembly of 1978)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF