WILLIAM DONALD SCHAEFER, Governor                       Ch. 2

In paragraph (1) of this subsection, the defined term
"person" is substituted for the former reference to
"company" and for the . third sentence of former Art.
81, § 130(c), which defined "company" to include a
"partnership" or "individual", for clarity and
brevity.

Defined terms: "County" § 1-101
"Person" § 1-101

8-402. IMPOSITION OF TAX.

A FRANCHISE TAX, MEASURED BY GROSS RECEIPTS, IS IMPOSED, FOR
EACH CALENDAR YEAR, ON EACH PUBLIC SERVICE COMPANY DOING BUSINESS
IN THE STATE.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
130(a), as that subsection related to the tax
imposition.

The word "imposed" is substituted for the former word
"levied", for clarity and consistency.

Defined terms: "Gross receipts" § 8-401
"Public service company" § 8-401

8-403. TAX RATE.

THE PUBLIC SERVICE COMPANY FRANCHISE TAX RATE IS 2% OF GROSS
RECEIPTS DERIVED FROM BUSINESS IN THE STATE.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
130(b).

Defined terms: "Gross receipts" § 8-401
"Public service company franchise tax" § 1-101

8-404. RETURNS AND DECLARATIONS.

(A)  RETURN.

EACH PUBLIC SERVICE COMPANY THAT, IN A CALENDAR YEAR, HAS
GROSS RECEIPTS DERIVED FROM BUSINESS IN THE STATE SHALL FILE WITH
THE DEPARTMENT A PUBLIC SERVICE COMPANY FRANCHISE TAX RETURN, ON
OR BEFORE MARCH 15TH OF THE NEXT YEAR.

(B)  DECLARATION.

EACH PUBLIC SERVICE COMPANY THAT REASONABLY EXPECTS ITS
PUBLIC SERVICE COMPANY FRANCHISE TAX FOR A YEAR TO EXCEED $1,000
SHALL FILE WITH THE DEPARTMENT A DECLARATION OF ESTIMATED TAX, ON
OR BEFORE JUNE 1 OF THAT YEAR.

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