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1530 LAWS OF MARYLAND Ch. 502
available only if at least 50 percent of the net taxable income
of the domestic international sales corporation is subject to
Maryland taxation; AND (8) 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).
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983, and be applicable to all taxable years
beginning after December 31, 1982.
Approved May 24, 1983.
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CHAPTER 503
(House Bill 164)
AN ACT concerning
Income Tax - Disability Benefit Exclusion
FOR the purpose of providing that certain disability benefits
shall be a modification subtraction from federal adjusted
gross income only to the extent such benefits are includable
in federal adjusted gross income; and providing an effective
date.
BY repealing and reenacting, with amendments,
Article 81 - Revenue and Taxes
Section 280(c)
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
280.
(c) There shall be subtracted from federal adjusted gross
income:
(1) Interest or dividends on obligations of the
United States and its territories and possessions or of any
authority, commission or instrumentality of the United States and
any other income to the extent includable in gross income for
federal income tax purposes, but exempt from State income taxes
under the laws of the United States;
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