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ROBERT L. EHRLICH, JR., Governor Ch. 587
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2006.
Enacted May 26, 2006.
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CHAPTER 587
(House Bill 859)
AN ACT concerning
Tax Procedure - Refunds - Interest Rate
FOR the purpose of altering the calculation of the annual interest rate that the
Comptroller sets for refunds; providing for the application of this Act; and
generally relating to the annual interest rate on tax refunds.
BY repealing and reenacting, with amendments,.
Article - Tax - General
Section 13-604
Annotated Code of Maryland
(2004 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
13-604.
(a) The rate of interest for each month or fraction of a month is the percent
equal to one-twelfth of the annual interest rate that the Comptroller sets for the
calendar year under subsection (b) of this section.
(b) On or before October 1 of each year, the Comptroller shall set the annual
interest rate for the next calendar year ON REFUNDS AND MONEYS OWED TO THE
STATE ON REFUNDS AND MONEYS OWED TO THE STATE as the percent, rounded to
the nearest whole number, that is at the percent that equals[:
(1) for moneys owed to the State,] the greater of:
[(i) ] (1) (1) 13%; or
[(ii)] (2) (2) 3 percentage points above the average prime rate of
interest quoted by commercial banks to large businesses during the State's previous
fiscal year, based on determination by the Board of Governors of the Federal Reserve
Bank[; and .
(2) for refunds, 2 percentage points above the average investment yield
on State money for the State's previous fiscal year, as published in the Treasurer's
Annual Report].
- 2787 -
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