(2) [The] SUBJECT TO PARAGRAPH (3) OF THIS SUBSECTION, FOR EACH
HIGHER EDUCATION INVESTMENT CONTRACT, THE subtraction under paragraph (1)
of this subsection may not exceed $2,500 for any taxable year.

(3) THE AMOUNT DISALLOWED AS A SUBTRACTION UNDER THIS
SUBSECTION FOR ANY TAXABLE YEAR AS A RESULT OF THE LIMITATION UNDER
PARAGRAPH (2) OF THIS SUBSECTION SHALL BE TREATED AS HAVING BEEN MADE IN
THE NEXT SUCCEEDING TAXABLE YEAR AND, SUBJECT TO THE $2,500 ANNUAL
LIMITATION FOR EACH HIGHER EDUCATION INVESTMENT CONTRACT, MAY BE
CARRIED OVER TO SUCCEEDING TAXABLE YEARS UNTIL THE FULL AMOUNT OF THE
ADVANCE PAYMENTS HAS BEEN ALLOWED AS A SUBTRACTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1999 and shall be applicable to all taxable years beginning after December 31,
1998 1997.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act is an
emergency measure, is necessary for the immediate preservation of the public health
and safety, has been passed by a yea and nay vote supported by three-fifths of all the
members elected to each of the two Houses of the General Assembly, and shall take
effect from the date it is enacted.

Approved April 8, 1999.

CHAPTER 8
(House Bill 263)

AN ACT concerning

Political Subdivisions - Residency Requirements for Chief Executive

Officers

FOR the purpose of requiring a candidate for the office of the chief executive officer of
a political subdivision to be a resident of the political subdivision for a certain
period of time under certain circumstances; defining certain terms; providing for
the effective date of this Act; and generally relating to residency requirements
for chief executive officers of political subdivisions.

BY adding to

Article 24 - Political Subdivisions - Miscellaneous Provisions
Section 1-108

Annotated Code of Maryland

(1998 Replacement Volume and 1998 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows: