Ch. 3

2007 Laws of Maryland

(I) THE CORPORATION FILES AN AMENDED TAX RETURN
UNDER THIS TITLE: OR

(II) THE CORPORATION'S TAX LIABILITY FOR A TAX YEAR IS
CHANGED AS THE RESULT OF AN AUDIT ADJUSTMENT OR FINAL
DETERMINATION OF LIABILITY BY THE COMPTROLLER OR BY A COURT OF LAW.

(f) (1) The Comptroller shall:

(I) collect. compile. and analyze the information
submitted under this section:

(ii) use the information submitted under this
section to provide analyses as requested by the governor or the
General Assembly relating to the corporate income tax or
proposals for changes to the corporate income tax: and

(iii) on or before december 1 of each year. based on
information provided in income tax returns and the data submitted
under this subsection. submit a report to the governor and. subject
to § 2-1246 of the state government article. to the general
assembly. concerning the corporate income tax.

(2)     the report required under this subsection shall:

(I) summarize the information submitted under
this section; and

(ii) provide detailed analyses of the
characteristics of corporate taxpayers. including:

1. historical series of data and detailed
reports for the reported year: and

2. the distribution of maryland taxable
income. income tax liability. and other elements of the corporate
income tax such as tax credits. modifications to income. and net
operating loss carryovers.

(3)     The information provided in the report shall be
provided by various categories. including:

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