WILLIAM DONALD SCHAEFER, Governor

Ch. 2

(II) LESS THAN THE TAX PAID FOR THE PRIOR
TAXABLE YEAR.

(C) PUBLIC SERVICE COMPANY FRANCHISE TAX.

IF A PUBLIC SERVICE COMPANY PAYS ESTIMATED PUBLIC SERVICE
COMPANY FRANCHISE TAX OF LESS THAN 45% OF THE TAX DUE FOR A YEAR,
THE DEPARTMENT SHALL ASSESS INTEREST ON THE DIFFERENCE BETWEEN
45% OF THE TAX DUE FOR THE YEAR AND THE ESTIMATED TAX PAID FROM
THE DATE ON WHICH THE ESTIMATED TAX IS DUE TO THE DATE THE
ESTIMATED TAX IS PAID.

REVISOR'S NOTE: Subsection (a) of this section is new
language added to state expressly that which only was
implied by former Art. 81, §§ 128(h)(1) and
128A(f)(1).

Subsections (b) and (c) of this section are new
language derived without substantive change from
former Art. 81, §§ 130A(c)(l) and (2) and 312(o)(2)
and (3).

In subsections (b) and (c) of this section, the former
references to the interest under "§ 318" and "at the
rate determined under § 204 of this article" are
deleted as unnecessary in light of § 13-604 of this
subtitle.

In subsection (b) of this section, the' words "public
service company" are substituted for the former words
"taxpayer under this subtitle" and "taxpayer", for
clarity.

Former Art. 81, § 130A(c)(3), which provided for
interest "at the rate determined under § 204", is
deleted as unnecessary in light of the revision of §
204 in § 13-604 of this title.

Former Art. 81, § 312(o)(l), which imposed interest
for failure "to file" a declaration of estimated tax,
is deleted as included in the duty to pay.

As to the transfer of former Art. 81, § 128(a) through
(h-1) to the Session Laws, see the General Revisor's
Note to Title 8, Subtitle 2, of this article.

Defined terms: "Comptroller" § 1-101
"Department" § 1-101

"Financial institution franchise tax" § 1-101
"Income tax" § 1-101 "Person" § 1-101
"Public service company franchise tax" § 1-101

13-603. INTEREST ON REFUNDS.

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