WILLIAM DONALD SCHAEFER, Governor

Ch. 2

(II)  INCOME DERIVED FROM A BUSINESS,
OCCUPATION, PROFESSION, OR TRADE THAT IS WHOLLY CARRIED ON IN THE
STATE;

(III)  THE PART, ALLOCABLE TO THE STATE UNDER §
10-401 OF THIS TITLE, OF INCOME DERIVED FROM A BUSINESS,
OCCUPATION, PROFESSION, OR TRADE THAT IS CARRIED ON BOTH WITHIN
AND WITHOUT THE STATE; AND

(IV)  INCOME FROM MARYLAND STATE LOTTERY PRIZES
AND OTHER GAMBLING WINNINGS DERIVED IN THE STATE; AND

(2) REDUCED BY ANY LOSS OR ADJUSTMENT TO INCOME THAT:

(I)  IS INCLUDED IN COMPUTING FEDERAL ADJUSTED
GROSS INCOME; AND

(II)  IS NOT ATTRIBUTABLE TO MARYLAND SOURCES.

(P) PROFITS ON SALE OR EXCHANGE OF STATE OR LOCAL BONDS.

THE SUBTRACTION UNDER SUBSECTION (A) OF THIS SECTION
INCLUDES PROFIT REALIZED FROM THE SALE OR EXCHANGE OF A BOND
ISSUED BY THE STATE OR A POLITICAL SUBDIVISION OF THE STATE.

(Q) RAILROAD AND SOCIAL SECURITY RETIREMENT INCOME.

THE SUBTRACTION UNDER SUBSECTION (A) OF THIS SECTION
INCLUDES A PAYMENT RECEIVED:

(1)  UNDER TITLE II OF THE SOCIAL SECURITY ACT; OR

(2)  AS A BENEFIT UNDER THE RAILROAD RETIREMENT ACT.
(R) REFORESTATION OR TIMBER STAND EXPENSES.

(1)  THE SUBTRACTION UNDER SUBSECTION (A) OF THIS
SECTION INCLUDES TWICE THE AMOUNT OF EXPENSES FOR REFORESTATION
OR TIMBER STAND IMPROVEMENT ACTIVITY ON 10 TO 100 ACRES OF
COMMERCIAL FOREST LAND, EXCLUSIVE OF FEDERAL FUNDS.

(2)  OF THE AMOUNT UNDER PARAGRAPH (1) OF THIS
SUBSECTION:

(I)  50% MAY BE CLAIMED IN THE TAXABLE YEAR IN
WHICH THE DEPARTMENT OF NATURAL RESOURCES ISSUES AN INITIAL
CERTIFICATE OF REFORESTATION OR TIMBER STAND IMPROVEMENT; AND

(II)  50% MAY BE CLAIMED IN THE TAXABLE YEAR IN
WHICH THE DEPARTMENT OF NATURAL RESOURCES ISSUES A FINAL
CERTIFICATE OF REFORESTATION OR TIMBER STAND IMPROVEMENT.

(S) RELOCATION AND ASSISTANCE PAYMENTS.

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