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1529
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HARRY HUGHES, Governor
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handicapped individuals, as defined in Section 190 of the
Internal Revenue Code, who are enrolled as students in the State
community colleges.
(ii) The amount of the subtraction shall be
based upon the standard mileage rate provided in § 162 of the
Internal Revenue Code and reduced by the amount of unreimbursed
automobile travel expenses claimed on the individual's federal
tax return as an itemized deduction, as to the same
organizations, under § 170 of the Internal Revenue Code;
(13) For the taxable year 1980 only, to the extent
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; [and]
(14) For the taxable years 1982, 1983, and 1984 only,
an amount in each year respectively not to exceed 1/3 of the
total amount of subsistence allowance received by any member of
the Maryland State Police force for the taxable years 1974
through 1977 and included in Maryland taxable income; provided
that, for purposes of computing the total subsistence allowance,
no amount received in excess of $1,600 for any 1 year shall be
taken into account].]; AND
(15) THE DOLLAR AMOUNT BY WHICH THE EMPLOYER BUSINESS
DEDUCTION FOR EMPLOYEE WAGES AND SALARIES IS DISALLOWED UNDER
SECTION 280C(B) OF THE INTERNAL REVENUE CODE (RELATING TO
TARGETED JOBS CREDIT).
280A.
(c) There shall be subtracted from taxable income of the
taxpayer the following items to the extent included in federal
income: (1) operating revenue subject to gross receipts taxes
imposed by this article (less related expenses) of public
utilities and contract carriers; (2) 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 any other states; (3) interest income on
obligations of the United States and its instrumentalities;
(4) any amounts included therein by operation of the provisions
of § 78 of the Internal Revenue Code of 1954; (5) dividends
received from a corporation in which the taxpayer owns, directly
or indirectly, 50 percent or more of the corporation's
outstanding shares of capital stock, and which is organized under
the laws of a foreign country, and (6) to the extent included,
any profit realized from the sale or exchange of bonds issued by
this State or its political subdivisions; [and] (7) to the extent
that the dividends are included in taxable income, the percentage
of dividends received from an affiliated domestic international
sales corporation (as defined by Internal Revenue Code of 1954 §
992 (a)), which is equivalent to the percentage that would be
excluded if the domestic international sales corporation was not
qualified under § 992 (a). However, this exclusion shall be
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