HARRY HUGHES, Governor

3555

BY repealing and reenacting, with amendments,

Article 62A - Maryland Estate Tax

Section 3 and 5

Annotated Code of Maryland

(1979 Replacement Volume and 1981 Supplement)

BY adding to

Article 81 - Revenue and Taxes

Section 204

Annotated Code of Maryland

(1980 Replacement Volume and 1981 Supplement)

BY repealing

Article 81 - Revenue and Taxes

Subtitle "Forfeiture of Corporate Charters for

Nonpayment of Taxes"
Annotated Code of Maryland
(1980 Replacement Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article 81 - Revenue and Taxes

128B.

(e) (1) The franchise tax under this section is
payable without interest before April 15 of each year.

(2)  If the franchise tax is not paid, the amount
of unpaid tax bears interest at the rate [of three-quarters
of one percent for each month or fraction of a month.]
DETERMINED UNDER SECTION 204 OF THIS ARTICLE.

(3)  If the franchise tax is not paid before
December 1 of the year in which the tax is due, a penalty of
5 percent is added to the amount due.

133.

It is the duty of the Comptroller of the Treasury to
receive such accounts of State taxes transmitted to him by
the State Department of Assessments and Taxation and to
proceed to notify each taxpayer of the amount of State tax
due, after crediting the amount paid with the declaration
filed under § 130A, by transmitting by mail to the