WILLIAM DONALD SCHAEFER, Governor                       Ch. 2

The introductory clause of this section, "[a]fter
making the distribution required under § 2-613 of this
subtitle", is added for clarity.

Former Art. 81 imposed several income taxes on
corporate income as additional or supplemental taxes.
Each corporate income tax had a separate rate and
separate distribution requirement. Title 10 of this
article combines the former corporate income taxes and
the former rates. An adjustment of the former tax
rate is required to reflect accurately the percentage
of the combined corporate income tax revenue
distributed under this section. Accordingly, the
reference to "10.714286%" of the remaining income tax
revenue from corporations is added to reflect the
actual percent of revenue distributed under this
section.

The second, third, and fourth sentences of former Art.
81, § 288(c), which required distribution to the State
Treasurer and required the Treasurer first to set
aside money needed to pay bonds under Art. 62B, §§ 8
through 8B, are deleted. Since the indebtedness under
the Art. 62B provisions has been paid in full and
since, in practice, the Comptroller distributes the
money directly to the Transportation Trust Fund, the
reference to the Treasurer is misleading.

The sixth sentence of former Art. 81, § 288(c), which
precluded distribution of any revenue collected under
that subsection to the General Fund of the State, is
deleted as unnecessary in light of the specific
provisions for distribution of that revenue in this
section and § 2-615 of this subtitle.

Defined terms: "Comptroller" § 1-101
"Corporation" § 2-601 "Income tax" § 1-101
"Revenue" § 2-101

2-615. UNALLOCATED CORPORATE REVENUE.                     

(A)  TO UNALLOCATED CORPORATE REVENUE ACCOUNT.

AFTER MAKING THE DISTRIBUTIONS REQUIRED UNDER §§ 2-613 AND
2-614 OF THIS SUBTITLE, FROM THE REMAINING INCOME TAX REVENUE
FROM CORPORATIONS, THE COMPTROLLER SHALL DISTRIBUTE TO AN
UNALLOCATED CORPORATE REVENUE ACCOUNT THE INCOME TAX REVENUE:

(1)  WITH RESPECT TO WHICH AN INCOME TAX RETURN IS NOT
FILED; AND

(2)  THAT IS ATTRIBUTABLE TO ESTIMATED INCOME TAX
PAYMENTS BY CORPORATIONS.

(B)  FROM ACCOUNT TO TREASURER.

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