Ch. 2

LAWS OF MARYLAND

(3) ANY such funds taxed as "gross premiums" shall,
in the event of withdrawal of the funds before their actual
application to the purchase of annuities, be eligible to be
included as "returned premiums" if eligible therefor under the
provisions of subsection (b) of this section.

[136A.] 633.

The rate of tax [referred to in § 136] IMPOSED UNDER § 632
of this subtitle with respect to premiums received from annuity
contracts shall be [as follows: one half of one percent (1/2 of
1%) on all such premiums received during the calendar year 1966,
and] zero [(0)] % on [all such] premiums received during the
calendar year 1967 and thereafter.

[138.] 634.

[(b)] Every life insurance company having its home office
in this State shall[, in addition,] be entitled to credit against
the total amount of the taxes payable by it under this subtitle,
the amount of fees paid by it in the preceding calendar year to
the Insurance Commissioner of this State for valuing life
insurance policies, but such credit shall not exceed [fifteen per
cent] 15% of the total amount of the taxes which would have been
payable if the [credits] CREDIT allowed by this section were not
allowed.

[138A.] 635.

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

(b)  The declaration of estimated tax shall be filed with
the Insurance Commissioner on or before [the first day of] June 1
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.

[139.] 636.

(a) (1) Every insurance company subject to taxation under
this subtitle shall, on or before March 15th in each year, file
with the Insurance [Commissioner] COMMISSIONER:

(I)  a report of the new and renewal gross
direct premiums less return premiums written by it during the
preceding calendar year[,]; and[,]

(II)  in the case of a company issuing perpetual
policies of fire insurance, a report of the average amount of
deposits held by it during the preceding calendar year in
connection with perpetual policies of fire insurance issued on

- 652 -