MARVIN MANDEL, Governor

1065

BY repealing and re-enacting, with amendments,

Article 81 — Revenue and Taxes

Section 407

Annotated Code of Maryland

(1969 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 407 of Article 81 — Revenue and
Taxes, of the Annotated Code of Maryland (1969
Replacement Volume and 1974 Supplement) be and it is
hereby repealed and re-enacted, with amendments, to read
as follows:

Article 81 — Revenue and Taxes

407.

Any person, firm or corporation subject to the taxes
imposed by this subtitle failing to Bake a return or to
pay the taxes within the time prescribed by law or by
regulation [shall be] IS liable for a penalty of ten [per
centum (10%)] PERCENT of the amount of the taxes due. All
taxes due and unpaid on the date of payment shall bear
interest at the rate of ([one half of]] [one per centum
(1/2%) ] THREE-QUARTERS OF ONE PERCENT per month, or
fraction thereof, until the date of payment. For good
cause shown, the Comptroller may waive the imposition of
the penalty and interest provided for in this section.
Unless waived by the Comptroller, the amount of the
penalty and interest shall be collected and distributed
as part of the taxes themselves.

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

Approved April 8, 1975.

CHAPTER 142
(Senate Bill 557)

AN ACT concerning

Inheritance Tax — Interest
FOR the purpose of increasing the interest rate