ROBERT L. EHRLICH, JR., Governor                             Ch. 557

CHAPTER 557
(Senate Bill 187)

AN ACT concerning

Office of the Comptroller - Tax Compliance - Holding Companies Settlement

Period

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 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;
requiring the Comptroller to administer a certain Settlement Period during a
certain period; providing for the applicability of the Settlement Period to certain
corporation income taxes; requiring the Comptroller, during the Settlement
Period, to waive certain penalties and to assess certain interest at not more than
a certain rate under certain circumstances; providing that certain assessments
for certain taxable years may not be enforced under certain circumstances;
making this Act contingent on the taking effect of another Act; malting the
provisions of this Act severable; providing for the effective date and application
of this Act; and generally relating to tax administration and compliance, and
generally relating to a settlement period for corporation income taxes.

BY adding to

Article—Tax—General

Section 10-109, 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(c)(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:

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