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Ch. 391
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1248
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LAWS OF MARYLAND
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FOR the purpose of requiring that the Comptroller report to
certain persons the impact of federal income tax law changes
within a certain time.
BY repealing and reenacting, with amendments,
Article 81 - Revenue and Taxes
Section 281(d)
Annotated Code of Maryland
(1980 Replacement Volume and 1982 Supplement)
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BY adding to
Article 81 - Revenue and Taxes
Section 279A
Annotated Code of Maryland
(1980 Replacement Volume and 1982 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 81 - Revenue and Taxes
279A.
THE COMPTROLLER SHALL SUBMIT A REPORT TO THE GOVERNOR, THE
PRESIDENT OF THE SENATE, AND THE SPEAKER OF THE HOUSE OF
DELEGATES OUTLINING ANY CHANGES IN FEDERAL INCOME TAX LAW AND THE
IMPACT OF THOSE CHANGES ON STATE REVENUES AND ON VARIOUS CLASSES
AND TYPES OF TAXPAYERS. THIS REPORT SHALL BE DUE WITHIN 60 DAYS
AFTER ENACTMENT OF SUCH FEDERAL CHANGES.
281.
(d) If changes in federal income tax laws are enacted which
eliminate or reduce a deduction, or substitute a credit for a
deduction, and take effect during the taxable year in which they
are enacted, the deduction for State income tax purposes shall
continue only for the taxable year in which the deduction is
eliminated, reduced, or substituted with a credit.
[The Comptroller shall submit a report to the General
Assembly by January 31 of each year, for consideration during
that year's legislative session, outlining any changes in federal
income tax law occurring in the last year, and the impact of
those changes on State revenues.]
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 24, 1983.
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