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PARRIS N. GLENDENING, Governor H.B. 1154
(5) DEVELOP GUIDELINES TO PROVIDE DIRECTION FOR POTENTIAL
CHANGES TO MARYLAND'S TAX STRUCTURE TO MODERNIZE AND MAKE IT MORE
CONSISTENT WITH ACCEPTED PRINCIPLES OF A GOOD TAX SYSTEM AND THE NEEDS
OF A CHANGING ECONOMY.
(G) (1) THE TASK FORCE MAY REPORT ANY PRELIMINARY FINDINGS TO
THE GOVERNOR AND THE GENERAL ASSEMBLY PRIOR TO ITS FINAL REPORT AT
ANY TIME THE TASK FORCE CONSIDERS SUCH A REPORT APPROPRIATE.
(2) THE TASK FORCE SHALL MAKE ITS FINAL REPORT NOT LATER THAN
DECEMBER 31, 1995 TO THE GOVERNOR AND THE GENERAL ASSEMBLY.
(II) THIS SECTION SHALL BE VOID AFTER DECEMBER 31, 1995.
SECTION 1. AND BE IT FURTHER ENACTED, That Section 1 of this Act shall
be applicable only to taxable years beginning after December 31, 1995 but before January
1, 1999. Section 1 shall remain in effect for a period of 4 years and, at the end of June 30,
1999, with no further action required by the General Assembly, Section 1 shall be
abrogated and of no further force and effect. Section 2 of this Act shall take effect July 1,
1999 and shall be applicable to all taxable years beginning after December 31, 1998.
SECTION 5. AND BE IT FURTHER ENACTED, That, except as provided in
Section 4 of this Act, this Act shall take effect July 1, 1995 and shall be applicable to all
taxable years beginning after December 31, 1995.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Finance and Procurement
7-309.
(a) There is a State Reserve Fund.
(b) The State Reserve Fund is comprised of:
(1) the Dedicated Purpose Account;
(2) THE CITIZEN TAX REDUCTION AND FISCAL RESERVE ACCOUNT:
[(2)](3) the Revenue Stabilization Account:
[(3)](4) the Economic Development Opportunities Program Fund; and
[(4)](5) the Catastrophic Event Fund.
7-310.
(b) The Dedicated Purpose Account is established [to]:
(1) TO retain appropriations for major, multi-year expenditures where the
magnitude and timing of cash needs are uncertain; and
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