2050                                        LAWS OF MARYLAND                                    Ch. 581

(a) (4) (I) "Net taxable income" means the amount certified
by the State Comptroller for the second completed calendar year
before the school year for which the calculation of State aid
under this section is made, based on tax returns filed on or
before July SEPTEMBER 1 after this calendar year.

(II) BEGINNING WITH THE 1987-1988 SCHOOL YEAR,
"NET TAXABLE INCOME" SHALL MEAN THE AMOUNT DETERMINED UNDER
SUBPARAGRAPH (I) OF THIS PARAGRAPH, PLUS ANY TAXABLE INCOME FOR
THE THIRD COMPLETED CALENDAR YEAR PRIOR TO THE SCHOOL YEAR FOR
WHICH THE CALCULATION OF STATE AID UNDER THIS SECTION IS MADE,
BASED ON RETURNS FILED AFTER JULY 1 OF THE SECOND PRIOR CALENDAR
YEAR AND ON OR BEFORE JULY 1 OF THE PRIOR COMPLETED CALENDAR
YEAR, WHICH WAS NOT INCLUDED IN THE CALCULATION OF STATE AID FOR
THE PRIOR SCHOOL YEAR.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall

take effect July 1, 1986.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986 and shall be applicable to all
calculations of State aid beginning with the 1987-1988 school

year.

Approved May 13, 1986.

CHAPTER 581

(House Bill 1596)

AN ACT concerning

Retail Sales and Use Tax - Food Purchased with Food Stamps

FOR the purpose of meeting the requirements of the Food Security

Act of 1985 for continued participation in the food stamp
program by exempting from the State retail sales and use tax
purchases of food, as defined in the Federal Food Stamp Act
of 1977, as amended from time to time, with coupons issued
pursuant to that law; and providing for a delayed effective
date.

BY adding to

Article 81 - Revenue and Taxes

Section 326(c)(4)

Annotated Code of Maryland

(1980 Replacement Volume and 1985 Supplement)