1058

LAWS OF MARYLAND

[Ch. 136

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 8, 1975.

CHAPTER 137
(Senate Bill 551)

AN ACT concerning

Maryland Estate Tax — Interest Rate

FOR the purpose of increasing the interest rate assessed
on Maryland estate taxes due or added to refunds of
Maryland estate taxes under certain circumstances,
and correcting certain language.

BY repealing and re—enacting, with amendments,

Article 62A - Maryland Estate Tax

Section 3 and 5

Annotated Code of Maryland

(1972 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 3 and 5 of Article 62A - Maryland
Estate Tax, of the Annotated Code of Maryland (1972
Replacement Volume and 1974 Supplement) be and they are
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 62A — Maryland Estate Tax

3.

The "Maryland estate tax" shall be payable [fifteen]
15 months after date of death of the "decedent" and shall
bear interest thereon at the rate of [6%] NINE PERCENT
per annum from the due date to the date of payment. This
rate shall be reduced to agree with a reduced federal
interest rate.

5.

If the amount of "federal estate tax" shall, upon