2174 LAWS OF MARYLAND Ch. 314
amended). Such additional amounts, if any, as are received, shall
be held in the Transportation Trust Fund and thereafter held and
distributed in accordance with the provisions of Title 3 of the
Transportation Article. [The] EXCEPT AS PROVIDED IN § 323C OF
THIS ARTICLE, THE proceeds of the tax imposed and collected by
this subsection shall not be paid into or credited to the general
funds of the State.
288A.
Of the net receipts (including estimated payments, interest,
and penalties) collected from the taxes imposed under Section 288
of this article on the net income of corporations (domestic or
foreign), the Comptroller, after first deducting the amounts
distributed to the Transportation Trust Fund under Section 288(c)
of this article AND THE AMOUNTS FOR WHICH CURRENT DISTRIBUTION IS
DEFERRED UNDER § 323C OF THIS ARTICLE, and after deducting the
sum of $30,928,000 to be allocated to the general fund of the
State, shall distribute monthly from the remaining funds:
(1) 16 percent to the gasoline and motor vehicle
revenue account in the Transportation Trust Fund; and
(2) 16 percent to the Transportation Revenue Sharing
Account in the Transportation Trust Fund. All other amounts
shall be credited to the general fund.
323C.
WITH RESPECT TO ESTIMATED TAXES PAID BY CORPORATIONS
PURSUANT TO SECTION 312(N) OF THIS ARTICLE FOR ALL TAXABLE YEARS
BEGINNING AFTER DECEMBER 31, 1981, AND FOR WHICH NO TAX RETURN
HAS BEEN FILED WITHIN 4 YEARS FROM THE DATE THE RETURN WAS DUE TO
BE FILED, THE COMPTROLLER SHALL, DURING THE JUNE FOLLOWING THE
END OF THE 4-YEAR PERIOD, DISTRIBUTE TO THE TRANSPORTATION TRUST
FUND THAT PORTION OF SUCH ESTIMATED TAXES FOR WHICH NO TAX RETURN
HAS BEEN FILED THAT REPRESENTS THE AMOUNT OF CORPORATE INCOME TAX
LEVIED AND IMPOSED PURSUANT TO SECTION 288(C) OF THIS ARTICLE.
THE DISTRIBUTION TO BE MADE HEREUNDER TO THE TRANSPORTATION TRUST
FUND SHALL BE MADE IN ACCORDANCE WITH SECTION 288(C) OF THIS
ARTICLE.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.
Approved May 21, 1985.
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