Senate Bill 187, January 23, 2004

1 2 3 4 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 SENATE BILL 187 Q7 By: The President (By Request - Administration) Introduced and read first time: January 23, 2004 Assigned to: Budget and Taxation A BILL ENTITLED 41Ю194 CF 4IrO 1 52 AN ACT concerning Office of the Comptroller - Tax Compliance - Holding Companies FOR the purpose of authorizing the Comptroller to distribute, apportion, or allocate certain tax attributes between and among two or more organizations, trades, or businesses under certain circumstances; requiring that certain interest expenses and certain intangible expenses be added to the federal taxable income of a corporation to determine Maryland modified income under certain circumstances; requiring certain corporations under certain circumstances to include with an income tax return or otherwise file with the Comptroller a certain statement regarding certain dealings and transactions with related corporations; providing for a certain tax credit under certain circumstances; providing for a certain estimated payment; allowing the Comptroller to assess interest and penalty for failure to provide the required estimated payment; requiring the Comptroller to adopt certain regulations; defining certain terms; making the provisions of this Act severable; providing for the effective date and application of this Act; and generally relating to tax administration and compliance. BY adding to Article — Tax — General Section 10-109, 10-306.1, and 10-725 Annotated Code of Maryland (1997 Replacement Volume and 2003 Supplement) BY repealing and reenacting, with amendments, Article - Tax - General Section 10-804(e)(3) Annotated Code of Maryland (1997 Replacement Volume and 2003 Supplement) SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, That the Laws of Maryland read as follows: EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXISTING LAW. [Brackets] indicate matter deleted from existing law.