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Session Laws, 1980
Volume 739, Page 2997   View pdf image
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HARRY HUGHES, Governor

2997

which State income taxes were paid under the applicable
State law at the time the interest or dividends accumulated
in the plan; (6) to the extent included, 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 of any other state;
(7) to the extent included, distributions to beneficiaries
of accumulated income on which income tax has been paid by a
fiduciary to this State; (8) expenses for household and
dependent care services determined and calculated as
employment-related expenses under Section 44A of the
Internal Revenue Code, as amended from time to time, and
subject to the dollar limit imposed by that section; (9) to
the extent included, any profit realized from the sale or
exchange of bonds issued by this State and its political
subdivisions; (10) FOR AN INDIVIDUAL NONFIDUCIARY TAXPAYER,
INTEREST PAID WITH RESPECT TO AN ACCOUNT WITH A FINANCIAL
INSTITUTION. THIS SUBTRACTION IS LIMITED TO $100 FOR THE
1980 CALENDAR YEAR, $200 FOR THE 1981 CALENDAR YEAR, $300
FOR THE 1982 CALENDAR YEAR, $400 FOR THE 1983 CALENDAR YEAR,

AND $500 FOR THE 1984 CALENDAR YEAR AND THEREAFTER. THIS

SUBTRACTION SHALL BE ALLOWED FOR BOTH THE HUSBAND AND THE

WIFE IN THE CASE OF A JOINT RETURN. THIS SUBTRACTION MAY

NOT BE ALLOWED TO A FISCAL YEAR TAXPAYER; AND [(10)] (11)
for all taxable years ending after December 31, 1972,
amounts received by an individual who is totally disabled,
as an annuity, pension or endowment under a private,
municipal, State or federal retirement system, and included
in such individual's federal adjusted gross income, this
subtraction shall not exceed an amount equal to the maximum
annual benefit received in Maryland by persons who retired
at the age of 65 or older under the Social Security Act for
the prior calendar year. The Comptroller shall determine
the amount of the maximum 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; AND (11) FOR ALL TAXABLE YEARS ENDING
AFTER DECEMBER 31, 1979, TO THE EXTENT NOT OTHERWISE
INCLUDABLE IN NET INCOME, INTEREST RECEIVED BY AN
INDIVIDUAL, NOT TO EXCEED $200 ANNUALLY FOR A SINGLE
INDIVIDUAL AND $400 ANNUALLY FOR A MARRIED COUPLE.

SECTION 2. AND BE IT FURTHER ENACTED, That should
federal legislation be enacted providing an exclusion of
interest from gross income for federal income tax purposes,
this Act shall be null and void without the necessity of
further action by the General Assembly.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 27, 1980.

 

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Session Laws, 1980
Volume 739, Page 2997   View pdf image
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