WILLIAM DONALD SCHAEFER, Governor                    Ch. 550

County has until June 1, [1987] 1989, to present evidence
satisfactory to the Board of Public Works that the matching fund
will be provided. If satisfactory evidence is presented, the
Board shall certify this fact to the State Treasurer and the
proceeds of the loan shall be expended for the purposes provided
in this Act. If this evidence is not presented by June 1, [1987]
1989, the proceeds of the loan shall be applied to the purposes
authorized in Article 78A, § 3 of the Code.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1987.

Approved May 14, 1987.

CHAPTER 550

(House Bill 1246)

AN ACT concerning

Inheritance Tax - Bequests to Corporations

FOR the purpose of providing for the application of a certain
rate of inheritance tax to a certain bequest to a
corporation that has shareholders who are related to the
decedent; and clarifying language; and providing for the
application of this Act.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 149(c)

Annotated Code of Maryland

(1980 Replacement Volume and 1986 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

149.

(c) The rate of 1 percent shall also apply to the value of
a bequest made of assets to a corporation [of which] IF all the
stockholders [are] OF THE CORPORATION CONSIST OF THE SURVIVING
SPOUSE, PARENTS, lineal descendants, STEPPARENTS, STEPCHILDREN,
AND SPOUSES OF LINEAL DESCENDANTS of the testator.

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