§ 6-104. Reporting requirements, responsibilities of Bureau
West's Annotated Code of MarylandState Finance and ProcurementEffective: October 1, 2021
Effective: October 1, 2021
MD Code, State Finance and Procurement, § 6-104
§ 6-104. Reporting requirements, responsibilities of Bureau
(a)(1) In this section, “nonwithholding income tax revenues” means the State share of income tax quarterly estimated and final payments with returns made by individuals, as defined in § 10-101 of the Tax--General Article.
(b)(1) After the end of each fiscal year, the Bureau shall submit to the Board a report that:
(c) In addition to these reports, the Bureau shall continually conduct studies of State revenue sources to:
(d)(1) On or before December 1, 2008, and December 1 of every third year thereafter, the Bureau shall submit to the Governor and, in accordance with § 2-1257 of the State Government Article, to the General Assembly a tax incidence study measuring:
(e)(1) Beginning with the revenue estimate for fiscal year 2020, the Bureau shall calculate the share of General Fund revenues represented by nonwithholding income tax revenues in accordance with this subsection.
(3)(i) Subject to subparagraph (ii) of this paragraph, for each fiscal year, if the Bureau's estimate of the share of General Fund revenues from nonwithholding income tax revenues is above the 10-year average share, the Bureau shall adjust the revenue estimate by reducing General Fund revenues from nonwithholding income tax revenues by an amount sufficient to align the estimated share of General Fund revenues from nonwithholding income tax revenues with the 10-year average share of General Fund revenues from nonwithholding income taxes.
(f) On or before February 1, 2023, and February 1 of every fourth year thereafter, the Bureau, in collaboration with the Consensus Revenue Monitoring and Forecasting Group established under § 6-105 of this subtitle, shall submit to the Governor and, in accordance with § 2-1257 of the State Government Article, to the General Assembly a report on the strengths and weaknesses of the Bureau in the preceding four years, including:
(g)(1) On or before August 1, 2023, and August 1 of every fourth year thereafter, the Department of Legislative Services shall submit, in accordance with § 2-1257 of the State Government Article, to the General Assembly a report on the operations of the Bureau, including:
Credits
Added by Acts 1985, c. 11, § 2, eff. Oct. 1, 1985. Amended by Acts 2007, 1st Sp. Sess., c. 2, § 8, eff. Jan. 1, 2008; Acts 2017, c. 4, § 1, eff. July 1, 2017; Acts 2017, c. 550, § 1, eff. July 1, 2017; Acts 2018, c. 10, § 1, eff. June 1, 2018; Acts 2019, c. 16, § 1, eff. June 1, 2019; Acts 2019, c. 510, § 4, eff. July 1, 2019; Acts 2019, c. 511, § 4, eff. July 1, 2019; Acts 2020, c. 538, § 6, eff. June 1, 2020; Acts 2021, c. 516, § 1, eff. Oct. 1, 2021; Acts 2021, c. 517, § 1, eff. Oct. 1, 2021; Acts 2021, c. 654, § 1, eff. Oct. 1, 2021; Acts 2021, c. 655, § 1, eff. Oct. 1, 2021.
MD Code, State Finance and Procurement, § 6-104, MD STATE FIN & PROC § 6-104
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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