MARVIN MANDEL, Governor

1061

CHAPTER 139
(Senate Bill 554)

AN ACT concerning

Income Tax — Interest Rate

FOR the purpose of increasing the annual interest rate
applicable to income tax returns filed after an
extension has been granted; increasing the interest
rate payable on income tax refunds; increasing the
interest rate applicable to the income tax when
additional amounts are found to be due after a
return is filed; increasing the interest rate
payable on any penalty assessed under the income tax
law; and correcting certain language.

BY repealing and re—enacting, with amendments,

Article 81 — Revenue and Taxes

Section 306, 310(c), 311(a) and 318

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 306, 310(c), 311(a) and 318 of
Article 81 - Revenue and Taxes, of the Annotated Code of
Maryland (1969 Replacement Volume and 1974 Supplement) be
and they are hereby repealed and re—enacted, with
amendments, to read as follows:

Article 81 - Revenue and Taxes

306.

The Comptroller may grant a reasonable extension of
time for filing income returns whenever in his judgment
good cause exists and shall keep a record of every such
extension. Except in case of a taxpayer who is abroad,
no [such] extension shall be granted for more than six
months, and in no case for more than one year. In the
event time for filing a return is extended, the taxpayer
is hereby required to pay, as a part of the tax, an
amount equal to [six per cent. (6%)] NINE PERCENT per
annum on the tax ultimately assessed from the time the
return was due until the tax is actually paid to the
Comptroller.

310.