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Ch. 556 2004 LAWS OF MARYLAND
CHAPTER 556
(House Bill 297)
AN ACT concerning
Office of the Comptroller - Tax Compliance - Holding Companies
FOR the purpose of authorizing the Comptroller to distribute, apportion, or allocate
certain tax attributes between and among two or more organizations, trades, or
businesses under certain circumstances; requiring that certain interest
expenses and certain intangible expenses be added to the federal taxable income
of a corporation to determine Maryland modified income under certain
circumstances; requiring certain corporations under certain circumstances to
include with an income tax return or otherwise file with the Comptroller a
certain statement regarding certain dealings and transactions with related
corporations; providing for a certain tax credit allowing a subtraction
modification for certain royalties, interest, or similar income from intangibles
under certain circumstances; providing for a certain estimated payment;
allowing the Comptroller to assess interest and penalty for failure to provide the
required estimated payment; requiring the Comptroller to adopt certain
regulations; defining certain terms; making the provisions of this Act severable;
providing for the effective date and application of this Act; and generally
relating to tax administration and compliance.
BY adding to
Article - Tax - General
Section 10-109, and 10-306.1, and 10-725
Annotated Code of Maryland
(1997 Replacement Volume and 2003 Supplement)
BY repealing and reenacting, with amendments,
Article - Tax - General
Section 10-804(e)(3)
Annotated Code of Maryland
(1997 Replacement Volume and 2003 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
10-109.
(A) FOR ORGANIZATIONS, TRADES, OR BUSINESSES DOING BUSINESS IN THE
STATE OF MARYLAND, THE COMPTROLLER MAY DISTRIBUTE, APPORTION, OR
ALLOCATE GROSS INCOME, DEDUCTIONS, CREDITS, OR ALLOWANCES BETWEEN AND
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