2284

LAWS OF MARYLAND

Ch. 837

EFFECT IN THE 1975-1976 TAXABLE YEAR AND UNDER THE
PROVISIONS OF SECTION 12F-1 OF THIS ARTICLE. THE
TAXPAYER SHALL RECEIVE BENEFITS UNDER THAT LAW WHICH
PROVIDES THE GREATER AMOUNT OF BENEFITS TO THE TAXPAYER.

(E) THE COST OF ANY BENEFITS PROVIDED TO A
TAXPAYER UNDER THIS SECTION IN EXCESS OF THOSE WHICH THE
STATE IS REQUIRED TO PAY UNDER SECTION 12F-1 SHALL BE THE
RESPONSIBILITY OF THE COUNTIES, BALTIMORE CITY, OR ANY
MUNICIPALITIES, AS REQUIRED.

SECTION 4. AND BE IT FURTHER ENACTED, That new
Section 312(n—1) be and it is hereby added to Article 81
— Revenue and Taxes, of the Annotated Code of Maryland
(1975 Replacement Volume and 1975 Supplement) to read as

Article 81 — Revenue and Taxes

312.

(N-1) (1) FOR ALL TAXABLE YEARS BEGINNING AFTER
JUNE 30, 1976, EVERY CORPORATION SUBJECT TO TAXATION
UNDER THIS SUBTITLE SHALL BE REQUIRED TO HAKE A
DECLARATION OF ITS ESTIMATED TAX WHEN ITS TOTAL TAX FOR
THE CURRENT TAXABLE YEAR CAN REASONABLY BE EXPECTED TO
EXCEED $1,000.

(2)    THE DECLARATION OF ESTIMATED TAX
REQUIRED UNDER PARAGRAPH (1) OF THIS SUBSECTION SHALL BE
FILED ON OR BEFORE THE FIFTEENTH DAY OF THE FOURTH,
SIXTH, NINTH AND TWELFTH MONTH FOLLOWING THE BEGINNING OF
THE TAXABLE YEAR. NOT LESS THAN 25 PERCENT OF THE TAX
DUE FOR THE YEAR AS ESTIMATED SHALL BE DUE AND PAYABLE ON
EACH OF THE FOUR DATES SPECIFIED.

(3)    AFTER CREDITING THE AMOUNTS PAID WITH

THE DECLARATIONS, THE BALANCE OF TAX DUE FOR THE CURRENT
TAXABLE YEAR SHALL BE PAID WITH THE CORPORATE INCOME TAX
RETURN ON OR BEFORE THE FIFTEENTH DAY OF THE FOURTH MONTH
FOLLOWING THE CLOSE OF THE TAXABLE YEAR.

SECTION 5. AND BE IT FURTHER ENACTED, That for the

fiscal year 1976-1977 only, and from only those funds

provided by the proceeds of the quarterly filing of

estimated corporate income tax as provided by the

amendments to Section 312 of Article 81 added by the

general addition thereto as provided in Section 4 of this

Act, and from no other funds; and subject to the

provisions of law relating to budgetary procedure to the

extent applicable, the amount specified below, or so much

thereof as is sufficient to accomplish the purpose

designated, is hereby appropriated and authorized to be
disbursed from so much of the revenues as are received by

the State from the proceeds of the quarterly filing of

estimated corporate income tax provided by Section 4 of

this Act as aforesaid: