WILLIAM DONALD SCHAEFER, Governor

Ch. 1

8-405.

(a)     Except as provided in subsection (b) of this section, each public service
company shall pay the public service company franchise tax with the return that covers
the period for which the tax is due.

(b)     A public service company required to file [a declaration of] estimated public
service company franchise tax RETURNS under § 8-404(b) of this subtitle shall pay
[50% of the estimated tax to the Department on or before June 1 of the year in which the
declaration is filed]:

(1)     AT LEAST 25% OF THE ESTIMATED PUBLIC SERVICE
COMPANY FRANCHISE TAX SHOWN ON THE DECLARATION OR AMENDED
DECLARATION FOR A TAXABLE YEAR:

(I)     WITH        THE        DECLARATION        OR        AMENDED
DECLARATION THAT COVERS THE YEAR; AND

(II)    WITH EACH QUARTERLY RETURN FOR THAT YEAR;

AND

(2)     ANY UNPAID PUBLIC SERVICE COMPANY FRANCHISE TAX
FOR THE YEAR SHOWN ON THE PUBLIC SERVICE COMPANY FRANCHISE
TAX RETURN THAT COVERS THAT YEAR, WITH THE RETURN.

10-101.

(C-1) "FEDERAL ADJUSTED GROSS INCOME" MEANS:

(1)     FOR AN INDIVIDUAL OTHER THAN A FIDUCIARY, THE
INDIVIDUAL'S ADJUSTED GROSS INCOME AS DETERMINED UNDER THE
INTERNAL REVENUE CODE;

(2)     FOR A FIDUCIARY OTHER THAN ONE DESCRIBED IN ITEM
(3) OF THIS SUBSECTION, THE FIDUCIARY'S TAXABLE INCOME, AS
DETERMINED UNDER THE INTERNAL REVENUE CODE, INCREASED BY
THE AMOUNT ALLOWED TO THE FIDUCIARY AS A DEDUCTION FOR A
PERSONAL EXEMPTION UNDER § 642(B) OF THE INTERNAL REVENUE
CODE; OR

(3)     FOR A FIDUCIARY EXEMPT FROM TAXATION UNDER §
408(E)(1) OR § 501 OF THE INTERNAL REVENUE CODE, THE FIDUCIARY'S
UNRELATED BUSINESS TAXABLE INCOME AS DEFINED UNDER § 512 OF
THE INTERNAL REVENUE CODE.

(d) (2) "Fiduciary" does not include:

(i) an agent holding custody or possession of property that the
principal of the agent owns;

(ii) a guardian, as defined in § 13-101 of the Estates and Trusts
Article; OR

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