Ch. 178

LAWS OF MARYLAND

(ii) interest or dividends paid on the account
on which a State tax on income was paid at the time that the
interest or dividends accumulated in the account.

[(o)] (H) The subtraction under subsection (a) of this
section includes a payment received under a fire, rescue, or
ambulance personnel length of service award program that is
funded by any county or municipal corporation of the State.

[(p)] (I) The subtraction under subsection (a) of this
section includes an amount equal to 40% of net capital gain, as
defined and determined under the Internal Revenue Code.

[(g) The subtraction under subsection (a) of this section
includes income of a nonresident:

(1)  other than:

(i) income derived from real property or
tangible personal property located in the State, whether the
income is received directly or from a fiduciary;

(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.]

[(r)] (J) 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.

[(s)] (K) 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.

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