HARRY HUGHES, Governor                                         2463

CHAPTER 423

(House Bill 563)

AN ACT concerning

Income Tax - Corporation - Distribution

FOR the purpose of altering the allocation of a portion of
revenues from the income tax on corporations to the Gasoline
and Motor Vehicle Revenue Account and Transportation Revenue
Sharing Account and applying it to the General Fund;
providing for the distribution of funds in the Gasoline and
Motor Vehicle Revenue Account Transportation Revenue
Sharing Account; making stylistic changes; providing that,
during each fiscal year, certain percentages of the proceeds
distributed to the Gasoline and Motor Vehicle Revenue
Account shall be distributed to Baltimore City and the
counties and municipalities; clarifying language; providing
for the intent of the General Assembly relative to the
distribution of certain funds; and generally relating to the

Gasoline and Motor Vehicle Revenue Account and the

Transportation Revenue Sharing Account.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 288A

Annotated Code of Maryland

(1980 Replacement Volume and 1983 Supplement)

(As enacted by Chapter 532 of the Acts of the General

Assembly of 1983)

BY repealing and reenacting, with amendments,

Article - Transportation
Section 3-401 and 9-403
Annotated Code of Maryland
(1977 Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

288A.

Of the net receipts (including estimated payments, interest,
and penalties) collected from the taxes imposed under Section 288
of this article on the net income of corporations (domestic or
foreign), the Comptroller, after first deducting the amounts
distributed to the Transportation Trust Fund under Section 288(c)