3166                                 LAWS OF MARYLAND                               Ch. 865

would be excluded if the domestic international sales
corporation was not qualified under § 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 the gross
receipts tax on railroads shall be imposed with respect to
gross receipts in calendar 1979, and shall not be imposed
with respect to gross receipts in calendar 1980 and
subsequent years. Operating revenue in 1979 which is
subject to gross receipts tax shall be subtracted from
taxable income of a corporation. The first State property
taxes payable by reason of this Act shall be based on the
valuation becoming final for the fiscal year ending June 30,
1981.

SECTION 3. AND BE IT FURTHER ENACTED, that this Act shall
take effect June 30, 1980, subject to the provisions of
Section 2.

Approved May 27, 1980.

CHAPTER 866

(House Bill 1414)

AN ACT concerning

Open-End Retail Credit Account - Maximum Finance Charge

Finance Charges

FOR the purpose of providing a single maximum rate of
altering the amount of outstanding balance on which a
certain amount of finance charge imposed on an open end
retail credit account; increasing the rate of finance
charge permitted in connection with the sale of certain
motor vehicles; and clarifying language.

BY repealing and reenacting, with amendments,

Article - Commercial Law
Section 12-506(a)
Annotated Code of Maryland
(1975 Volume and 1979 Supplement)

BY adding to

Article - Commercial Law
Section 12-609(e)
Annotated Code of Maryland