Ch. 708

LAWS OF MARYLAND

(ii) The fair market value of the art works has
been verified by an independent appraiser; and

(iii) The art works were donated to and
accepted by a museum open to the general public located in this
State; and

(iv) The deduction for donated art works may
not exceed 50 percent of the individual's gross income in the
calendar year of the donation.

(3) In this subsection, art works include artistic,
literary, and musical creations].

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall be
construed to apply to taxable years beginning after December 31,
1986.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved June 2, 1987.

CHAPTER 708

(House Bill 1239)

AN ACT concerning

Income Tax - "S" Corporations - Withholding
Returns and Remittance

FOR the purpose of altering the timing requirements for an "S"
corporation to file withholding returns and remit an income
tax for nonresident shareholders; and providing for
application of this Act.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 312(a-2)

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:

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