HARRY HUGHES, Governor

1657

(2) (I) FOR PURPOSES OF THIS SUBSECTION, THE
TERM "ANNUITY" MEANS ANY AMOUNT PAID TO AN INDIVIDUAL AS A
PENSION OR ANNUITY.

(II) FOR PURPOSES OF THIS SUBSECTION, THE
TERM "SICK PAY" MEANS ANY AMOUNT WHICH IS PAID TO AN
EMPLOYEE PURSUANT TO A PLAN TO WHICH THE EMPLOYER IS A PARTY
AND CONSTITUTES REMUNERATION OR A PAYMENT IN LIEU OF
REMUNERATION FOR ANY PERIOD DURING WHICH THE EMPLOYEE IS
TEMPORARILY ABSENT FROM WORK ON ACCOUNT OF SICKNESS OR
PERSONAL INJURIES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved May 4, 1982.

CHAPTER 165

(House Bill 384)

AN ACT concerning

Income Tax - Exempt Corporations or Organizations

FOR the purpose of providing that the net income for tax
purposes of certain exempt corporations and
organizations shall include unrelated business taxable
income under federal law.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 280A(a) and 288(d)(5)

Annotated Code of Maryland

(1980 Replacement Volume and 1981 Supplement).

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article 81 - Revenue and Taxes

280A.

(a) The net income of a corporation shall be the
taxable income of such taxpayer as defined in the laws of
the United States as amended from time to time and for the
corresponding taxable period AND IN THE CASE OF A