MARVIN MANDEL, Governor                                1073

(A)    FOR ALL TAXABLE YEARS BEGINNING AFTER JUNE 30,
1976, EVERY INSURANCE COMPANY SUBJECT TO TAXATION UNDER
THE SUBTITLE SHALL MAKE A DECLARATION OF ITS ESTIMATED
TAX IF ITS TOTAL TAX FOR THE CURRENT TAXABLE YEAR
REASONABLY MAY BE EXPECTED TO EXCEED $1,000.

(B)    THE DECLARATION OF ESTIMATED TAX SHALL BE
FILED WITH THE INSURANCE COMMISSIONER ON OR BEFORE THE
FIRST DAY OF JUNE OF THE CURRENT TAXABLE YEAR, AT WHICH
TIME NOT LESS THAN 50 PERCENT OF THE TAX SO ESTIMATED FOR
THE FULL TAXABLE YEAR IS DUE AND PAYABLE.

SECTION 7. AND BE IT FURTHER ENACTED, That Section
140 of Article 81 - Revenue and Taxes, of the Annotated
Code of Maryland (1975 Replacement Volume and 1975
Supplement) be and it is hereby repealed and reenacted,
with amendments, to read as follows;

Article 81 - Revenue and Taxes

140.

The total amount of the taxes imposed by this
subtitle, as the same shall appear from the face of the
report herein required to be filed, shall be paid to the
Insurance Commissioner at the time fixed for filing the
report, AFTER CREDITING THE AMOUNT PAID WITH THE
DECLARATION FILED UNDER SECTION 138A. All [such] taxes
not paid when the report OR DECLARATION is filed shall be
subject to a penalty of five [per cent.] PERCENT and
interest at the rate of one [per cent. ] PERCENT per month
from the date the report was due. [In the event] IF
additional amounts are found to be due after the report
OR DECLARATION has been filed, such amounts shall be
subject to interest at six [per cent.] PERCENT per annum
from the time the report OR DECLARATION was due until
payment is actually made to the Insurance Commissioner.

SECTION 8. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.

CHAPTER 408

(House Bill 674)

AN ACT concerning

Election Code - Contributions

FOR the purpose of repealing the law allowing a treasurer
or subtreasurer of a candidate to pay certain types