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1901
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MARVIN MANDEL, Governor
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 312(n) of Article 81 -Revenue and
Taxes, of the Annotated Code of Maryland (1975
Replacement Volume and 1976 Supplement) be and it is
hereby repealed:
Article 81 — Revenue and Taxes
312.
[(n) (1) For all taxable years beginning after
December 31, 1970, every corporation subject to taxation
under this subtitle shall be required to make a
declaration of its estimated tax when its total tax for
the current taxable year can reasonably be expected to
exceed $1,000.00.
(2) The declaration of estimated tax
required under sub—subsection (1) shall be filed on or
before the first day of the sixth month following the
beginning of the taxable year, at which time not less
than fifty (50) percent of the tax so estimated is due
and payable.
(3) After crediting the amount paid on the
declaration, the balance of tax due for the current
taxable year shall be paid with the corporate income tax
return on or before the fifteenth (15th) day of the
fourth month following the close of the taxable year.]
SECTION 2. AND BE IT FURTHER ENACTED, That Section
312(n—1) of Article 81 - Revenue and Taxes, of the
Annotated Code of Maryland (1975 Replacement Volume and
1976 Supplement) be and it is hereby repealed and
reenacted, with amendments, to read as follows:
Article 81 — Revenue and Taxes
312.
[(n—1)] (N) (1) For all taxable years beginning
after June 30, 1976, every corporation subject to
taxation under this subtitle shall be required to make 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 sub—section 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
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