Maryland Acts of the Regular Session (2016)
SB 766, Chapter 24
AN ACT concerning
Local Income Tax - Overpayments and, Underpayments, and Wynne Repayments - Local Reserve Account Repayment
FOR the purpose of requiring the Comptroller, under certain circumstances, to pay a county or municipal corporation that receives a certain underpayment of local income tax revenue a certain amount from a certain account; requiring a county or municipal corporation that receives a certain overpayment of local income tax revenue to repay a certain account in a certain manner; requiring the Comptroller, under certain circumstances, to withhold certain amounts from a county or municipal corporation's quarterly local income tax distributions; requiring that a certain determination by the Comptroller be based on a full accounting of the income tax returns for a certain taxable year; altering the manner by which the Comptroller withholds certain amounts from certain local income tax distributions; prohibiting the Comptroller from requiring that certain counties or municipal corporations make certain reimbursement payments until a certain analysis is completed; defining a certain term; and generally relating to the distribution of certain local income tax revenue.
BY adding to
Article - Tax - General
Section 2-611
Annotated Code of Maryland (2010 Replacement Volume and 2015 Supplement)
BY repealing and reenacting, with amendments,
Chapter 489 of the Acts of the General Assembly of 2015
Section 27
Article - Tax - General
2-611.
(a) In this section, "account" means the Local Reserve Account established to comply with 2-606 of this subtitle.
(b) This section applies to a county or municipal corporation that receives an overpayment or underpayment of local income tax revenue from the Comptroller.
(c) After reviewing income tax revenue distributions to a county or municipal corporation, if the Comptroller determines that the county or municipal corporation received an underpayment of income tax, the Comptroller shall initially pay the amount due to the county or municipal corporation from the account.
(d) (1) After reviewing income tax revenue distributions to a county or municipal corporation, if the Comptroller determines that the county or municipal corporation received an overpayment of income tax, the county or municipal corporation shall reimburse the account for its share of the overpayment.
(2) If the affected county or municipal corporation does not reimburse the account in a timely fashion, the Comptroller shall withhold the amount owed to the account from the quarterly income tax distributions in twenty forty equal...
