H.B. 753                                                 VETOES

(F) THE DEPARTMENT SHALL ADOPT REGULATIONS TO ADMINISTER THIS
SECTION IN THE SAME MANNER AS IN § 12-116(G) OF THIS ARTICLE.

13-209.

(a) (1) THE DEPARTMENT SHALL DEDUCT THE COST OF ADMINISTERING
THE TRANSFER TAX FROM THE TAXES COLLECTED UNDER THIS TITLE AND CREDIT
THOSE REVENUES TO THE FUND ESTABLISHED UNDER § 1-203.3 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE.

(2) [The] AFTER DEDUCTING THE REVENUES REQUIRED UNDER
PARAGRAPH (1) OF THIS SUBSECTION, THE revenue from transfer tax is payable to
the Comptroller for deposit in a special fund.

SECTION 6. AND BE IT FURTHER ENACTED, That, for a taxable year
beginning after December 31, 2002 but before January 1, 2004, notwithstanding §§
13-602 and 13-702 of the Tax General Article, the Comptroller shall assess interest
and penalty under § 13-602 and 13-702 of the Tax General Article if a corporation
pays estimated income tax for the taxable year in an amount less than 90% of the tax
required to be shown on the corporation's income tax return for the taxable year.

SECTION 7. AND BE IT FURTHER ENACTED, That the Comptroller, in
conjunction with the business community, shall study and report to the Governor and,
subject to § 2-1246 of the State Government Article, to the General Assembly by
December 1, 2003 on the following:

(a) the issues related to combined reporting under the corporate income tax by
business entities;

(b) any necessary statutory and regulatory changes needed to implement
combined reporting;

(c) the anticipated annual State revenue impact and the impact on Maryland
businesses of combined reporting; and

(d) any other issues related to combined reporting that should be addressed.

SECTION 2. AND BE IT FURTHER ENACTED, That, notwithstanding the
provisions of § 8-402 of the Transportation Article or any other provision of law, for
fiscal year 2004 only, in addition to any revenues specified in Section 17 of Chapter

(H.B. 935) of the Acts of 2003, $7,700,000 from motor vehicle registration
revenues and other user fees from the Motor Vehicle Administration shall be deposited
in the General Fund rather than in the Gasoline and Motor Vehicle Revenue Account of
the Transportation Trust Fund or the Transportation Trust Fund, respectively.
Notwithstanding the provisions of this section, the calculation of the local share of
highway user revenues pursuant to § 8-403 of the Transportation Article shall not be
affected and the total amount of highway user revenues for the purpose of such
calculation shall be calculated in accordance with the provisions of law without regard
to this section.

SECTION 4. 8. 3. AND BE IT FURTHER ENACTED, That if any provision of
this Act or the application thereof to any person or circumstance is held invalid for

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