2034

LAWS OF MARYLAND

Ch. 562

Approved May 20, 1980.

CHAPTER 563

(Senate Bill 484)

AN ACT concerning

Income Tax - Lump-Sum Distribution Allowance

FOR the purpose of providing, for State income tax purposes,
a certain minimum distribution allowance for recipients
of certain lump-sum distributions.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 280(b)

Annotated Code of Maryland

(1975 Replacement Volume and 1979 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be repealed, amended, or enacted to read as follows: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
of tax preference as determined under the provisions of §
280B of this subtitle; (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, FOR ALL TAXABLE
YEARS BEGINNING AFTER DECEMBER 31, 1979, to the extent