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Ch. 225 2006 LAWS OF MARYLAND
2-1246 of the State Government Article, the General Assembly on the availability of
federal or private funding to support this Program. This report shall include a plan for
leveraging available federal or private funding beginning in fiscal year 2009.
(4) IF THE SUBTRACTION ALLOWED UNDER PARAGRAPH (3) OF THIS
SUBSECTION EXCEEDS THE MARYLAND TAXABLE INCOME THAT IS COMPUTED
WITHOUT THE MODIFICATION ALLOWED UNDER THIS SUBSECTION AND THE
SUBTRACTION IS NOT USED FOR THE TAXABLE YEAR, THE EXCESS MAY BE CARRIED
OVER TO SUCCEEDING TAXABLE YEARS, NOT TO EXCEED 5 YEARS, UNTIL THE FULL
AMOUNT OF THE SUBTRACTION IS USED.
SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 2006, and shall be applicable to all taxable years beginning after
December 31, 2005.
Approved May 2, 2006.
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CHAPTER 225
(Senate Bill 2)
Maryland Estate Tax
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AN ACT concerning
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FOR the purpose of altering a certain limit on the unified credit used for determining
the Maryland estate tax; altering a certain definition under the Maryland estate
tax: specifying that certain persons are required to file a Maryland estate tax
return under certain circumstances; requiring the filing of certain amended
Maryland estate tax returns under certain circumstances: authorizing the
Comptroller to extend the time to file an estate tax return under certain
circumstances: clarifying the due date for payment of the Maryland estate tax:
clarifying the apportionment of the Maryland estate tax among certain persons
in certain circumstances: providing for certain elections with respect to the
Maryland estate tax: clarifying when interest must be paid on unpaid Maryland
estate tax; providing for the assessment of a certain penalty for underpayment
of the Maryland estate tax under certain circumstances: providing certain
periods of limitations for assessment of the Maryland estate tax under certain
circumstances; providing a certain limitation on the amount of the Maryland
estate tax; clarifying when interest must, he paid on unpaid Maryland estate tax:
providing for the assessment of a certain penalty for underpayment of the
Maryland estate tax under certain circumstances: providing certain periods of
limitations for assessment of the Maryland estate tax under certain
circumstances; providing for the application of this Act; defining a certain term;
and generally relating to the Maryland estate tax.
BY repealing and reenacting, with amendments,
Article - Tax - General
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