Ch. 249                                    LAWS OF MARYLAND

CHAPTER 249

(House Bill 959)

AN ACT concerning

          Gross Receipts Tax - Estimated Taxes

FOR the purpose of requiring gross receipts taxpayers to pay
interest under certain circumstances if estimated tax
payments are less than a minimum amount; providing for the
rate of interest and terms of payment of interest; providing
for the effective date of this Act; and generally relating
to the payment of interest on estimated gross receipts taxes
under certain circumstances.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 130A

Annotated Code of Maryland

(1980 Replacement Volume and 1986 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

130A.

(a)  For all taxable years beginning after June 30, 1976,
every taxpayer subject to taxation under this subtitle shall make
a declaration of its estimated tax if its total tax ford the
current taxable year reasonably may be expected to exceed $1,000.

(b)  The declaration of estimated tax shall be filed with
the State Department of Assessments and Taxation on or before the
first day of June of the current taxable year, at which time not
less than 50 percent of the tax so estimated for the full taxable
year is due and payable.

(C) (1) IF A TAXPAYER UNDER THIS SUBTITLE PAYS ESTIMATED
TAXES THAT ARE LESS THAN 50 45 PERCENT OF THE TAXES DUE FOR THE
FULL TAXABLE YEAR, THE TAXPAYER SHALL PAY INTEREST ON THE
DIFFERENCE BETWEEN THE ESTIMATED TAX PAYMENT AND 50 45 PERCENT OF
THE TAXES DUE FOR THE FULL TAXABLE YEAR.

(2) INTEREST UNDER THIS SUBSECTION IS CALCULATED FROM
THE DUE DATE OF THE ESTIMATED TAX PAYMENT TO THE DATE OF FINAL
TAX PAYMENT FOR THE TAXABLE YEAR.

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