HARRY HUGHES, Governor                                 941

AT CAMBRIDGE, MARYLAND. THE OPERATION AND MAINTENANCE MAY
INCLUDE THE LEASING OF THE FACILITY BUT THE FACILITY MAY NOT
BE SUBSTANTIALLY LEASED TO ANY ONE ENTITY. THE MARYLAND
PORT ADMINISTRATION MAY EXPEND THE NECESSARY FUNDS FOR THE
DEVELOPMENT OF THE PORT FACILITY AT CAMBRIDGE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 14, 1979.

CHAPTER 281

(Senate Bill 775)

AN ACT concerning

Corporate Tax

FOR the purpose    of subtracting from the taxable income of

corporations      certain dividends received from

subsidiaries    organized under the laws of a foreign
country.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 280A(c)

Annotated Code of Maryland

(1975 Replacement Volume and 1978 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be repealed, amended, or enacted to read as follows: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

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; (3) interest income on
obligations of the United States and its instrumentalities;
(4) any amounts included therein by operation of the
provisions of § 78 of the Internal Revenue Code of 1954;
[and] (5) DIVIDENDS RECEIVED FROM A CORPORATION IN WHICH THE