942                                     LAWS OF MARYLAND                                Ch. 281

TAXPAYER OWNS, DIRECTLY OR INDIRECTLY, 50 PERCENT OR MORE OF
THE CORPORATION'S OUTSTANDING SHARES OF CAPITAL STOCK, AND
WHICH IS ORGANIZED UNDER THE LAWS OF A FOREIGN COUNTRY, AND
(6) to the extent that the dividends are included in taxable
income, the percentage of dividends received from an
affiliated domestic international sales corporation (as
defined by Internal Revenue Code of 1954 Section 992 (a)),
which is equivalent to the percentage that would be excluded
if the domestic international sales corporation was not
qualified under Section 992 (a). However, this exclusion
shall be available only if at least 50 percent of the net
taxable income of the domestic international sales
corporation is subject to Maryland taxation.

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

Approved May 14, 1979.

CHAPTER 282

(Senate Bill 776)

AN ACT concerning

Maryland Small Business Development Financing Authority

FOR the purpose of specifying charges and credits to the
Small Business Development Financing Fund; and
clarifying that income earned by the investments of the
Maryland Small Business Development Financing Authority
is credited to the Fund.

BY repealing and reenacting, with amendments,

Article 41 - Governor - Executive and Administrative

Departments
Section 266HH-8(a)(1)
Annotated Code of Maryland
(1978 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be repealed, amended, or enacted to read as follows: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 41 - Governor - Executive and Administrative

Departments

266HH-8.

(a) (1) There is a Small Business Development
Financing Fund, referred to as the "Fund" which shall be