1969]                   OF THE HOUSE OF DELEGATES                      103

Based on these Calendar Year estimates, following is an analysis of
Individual Income Taxes for the Fiscal Years 1968, 1969, 1970 and 1971.

	Fiscal Year 1968 Actual	Fiscal Year 1969 Actual (Preliminary Breakdown)	Fiscal Year 1970 Revised Estimates	Fiscal Year 1971 Estimates
		$ Thousands
Resident Individuals
1966 and Prior Returns
(Flat Rate) ............................ 1967 Returns	1,951	697
(Graduated Rates) ................	186,789	4,318
1968 Returns
(Graduated Rates) ................	79,532	214,672	5,200
1969 Returns
(Graduated Rates) ................		90,235	248,100	5,785
1970 Returns
(Graduated Rates) ................			153,770#	235,315
1971 Returns
(Graduated Rates) ................				176,835
Total................................	268,272	309,922	407,070	417,935
Fiduciaries ....................................	507	894	1,200	1,400
Non-Residents................................	1,526	2,040	2,500	2,900
Grand Total....................	270,305	312,856	410,770	422,235

# Includes $50,000,000 from the additional two months withholding re-
ceipts acceleration (one year only.)

These estimates do not include Local Income Taxes collected for the
23 Counties and Baltimore City.

Corporation Income Taxes

There have been several recent revisions to the Corporate Tax struc-
ture. As of July 1, 1967, the Maryland Port Authority Tax was increased
from ¹/₂% to ³/₄%. As of January 1, 1968, the General Fund Tax was
increased from 4¹/₂% to 6¹/₄%. The total Corporate rate is therefore 7%.

As of July 1, 1968, Corporations are allowed credit against their total
tax for Personal Property Taxes paid.

For years beginning on and after January 1, 1971, Corporations will
be required, as previously mentioned in this report, to file annual declara-
tions where the expected tax will be over $1,000, and made a 50% payment
on such declaration by the first day of the sixth month of the taxable year.