WILLIAM DONALD SCHAEFER, Governor

Ch. 720

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 312(o)

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

312.

(o) [(l) If any individual required under this section to
file a declaration of estimated tax for any taxable year either:

(i) Fails to file on the date or dates
heretofore prescribed;

(ii) Fails to pay the installment or
installments when due; or

(iii) Estimates a tax less than 80 percent of
the developed tax shown on the return for the current taxable
year and which estimate was less than the tax paid for the prior
year, such individual shall be subject to the penalties and
interest as provided in § 318 of this subtitle.

(2) A corporation] A PERSON is subject to the
penalties and interest provided in § 318 of this subtitle if the
[corporation] PERSON is required under this section to file a
declaration of estimated tax for any taxable year and the
[corporation] PERSON:

[(i)] (1) Fails to file on the date or dates
heretofore prescribed;

[(ii)] (2) Fails to pay the installment or
installments when due; or

[(iii)] (3) Estimates a tax less than 90
percent of the developed tax shown on the return for the current
taxable year, which estimate was less than the tax paid for the
prior year.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987 and shall apply to taxable years ending
after December 31, 1986 1987.

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