Ch. 184                                    1996 LAWS OF MARYLAND

(2)     are defined under § 57 of the Internal Revenue Code;

(3)     are modified and apportioned under § 59 of the Internal Revenue Code;
and

(4)     are further modified by excluding:

(I)      the oil percentage depletion allowance claimed under § 613 or §
613A of the Internal Revenue Code; AND

(II)    INTEREST DESCRIBED IN § 57(A)(5) OF THE INTERNAL
REVENUE CODE, IF THE INTEREST IS ATTRIBUTABLE TO OBLIGATIONS OF:

1. THE STATE OF MARYLAND OR;

2. A POLITICAL SUBDIVISION OR AUTHORITY OF THE
STATE; OR

3. ANY OTHER ENTITY AUTHORIZED UNDER MARYLAND
LAW TO ISSUE OBLIGATIONS THE INTEREST ON WHICH IS EXCLUDED FROM GROSS
INCOME UNDER § 103 OF THE INTERNAL REVENUE CODE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1996 and shall be applicable to all taxable years beginning after December 31,
1995.

Approved April 30, 1996.

CHAPTER 184
(House Bill 102)

AN ACT concerning

Income Tax - Definitions - Fiduciaries

FOR the purpose of clarifying that certain receivers and trustees are considered
fiduciaries under the State income tax law; and generally relating to the Maryland
income tax law.

BY repealing and reenacting, without amendments,
Article - Tax - General
Section 10-101(a)
Annotated Code of Maryland
(1988 Volume and 1995 Supplement)

BY repealing and reenacting, with amendments,
Article - Tax - General
Section 10-101(d)
Annotated Code of Maryland

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