HARRY HUGHES, Governor

4315

280.

(b) There shall be added to federal adjusted gross
income:

(1)   [interest] 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] 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] DIVIDENDS received by
individuals excluded from federal adjusted gross income
[pursuant to] UNDER § 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] THE oil percentage depletion
allowance as claimed and allowed under § 613 of the Internal
Revenue Code [,as amended from time to time]; [and]

(6)  (I) [the] 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 ] ; , AND

(II) TO the extent treated as ordinary
income, 40 percent of the capital gain portion of the
distribution as provided in § 402(a)(2) of the Internal
Revenue Code, and giving effect to § 402(e)(1)(D) of the
Internal Revenue Code; AND

(7)  AMOUNTS DEDUCTED UNDER §§ 62(16) OR 221 OF
THE INTERNAL REVENUE CODE (RELATING TO THE DEDUCTION FOR
TWO EARNER MARRIED COUPLES). THE DEDUCTION FOR TWO-EARNER
MARRIED COUPLES AS CLAIMED AND ALLOWED UNDER § 62 OF THE
INTERNAL REVENUE CODE, AS AMENDED FROM TIME TO TIME.

289.

(D) FOR PURPOSES OF SUBSECTION (A), TAX TABLE INCOME
MAY NOT BE REDUCED BY THE DEDUCTION FOR TWO-EARNER MARRIED
COUPLES AS PROVIDED UNDER § 62 OF THE INTERNAL REVENUE CODE,
AS AMENDED FROM TIME TO TIME.