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§ 7-218. Alternative payment schedules

West's Annotated Code of MarylandTax-General

West's Annotated Code of Maryland
Tax-General (Refs & Annos)
Title 7. Death Taxes (Refs & Annos)
Subtitle 2. Inheritance Tax (Refs & Annos)
Part III. Determination and Payment of Inheritance Tax (Refs & Annos)
MD Code, Tax - General, § 7-218
§ 7-218. Alternative payment schedules
Currentness
Small business defined
(a) In this section, “small business” means a firm that:
(1) is independently owned and operated;
(2) is not a subsidiary of another firm;
(3) is not dominant in its field of operation; and
(4) in its most recently completed fiscal year, did not employ in its operations more than 25 individuals.
In general
(b) On application of a person responsible for paying the inheritance tax and subject to § 13-601 of this article, the Comptroller may allow an alternative payment schedule for the inheritance tax, not exceeding a 5-year period, if payment of the tax on the due date would require the sale of a small business or any interest in a small business that passes from a decedent.
Application for alternative payment schedule
(c) A person may apply for an alternative payment schedule by filing with the Comptroller an application on the form and in the manner that the Comptroller requires.
Form of payment schedule
(d) The payment schedule may be in the form of:
(1) a payment deferral; or
(2) an installment payment plan.
Action by Comptroller
(e)(1) For each alternative payment schedule allowed under subsection (b) of this section, the Comptroller shall specify the procedures and guidelines, including:
(i) conditions of eligibility; and
(ii) 1. amount and duration of any payment deferral; or
2. amount of and scheduled time for any installment payments.
(2) If the Comptroller denies an application for an alternative payment schedule, the Comptroller shall mail a notice of the denial to the applicant.
Notice to register
(f) For each alternative payment schedule allowed under subsection (b) of this section, the Comptroller shall give the appropriate register notice of:
(1) the grant;
(2) the procedures and guidelines specified under subsection (e)(1) of this section; and
(3) the responsibilities of the register for receipt of payments.
Time of payment
(g) If an alternative payment schedule is allowed under subsection (b) of this section, the person responsible for paying the inheritance tax shall pay the tax in accordance with the schedule.
Publication of availability of schedules
(h) The Comptroller shall adopt procedures to provide notice about the availability of alternative payment schedules under this section.

Credits

Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989.
Formerly Art. 81, § 176A.
MD Code, Tax - General, § 7-218, MD TAX GENERAL § 7-218
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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