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§ 2-614. Distributions to and from special fund, Transportation Trust Fund

West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2022

West's Annotated Code of Maryland
Tax-General (Refs & Annos)
Title 2. Administration by Comptroller (Refs & Annos)
Subtitle 6. Income Tax Revenue Distribution (Refs & Annos)
Part III. Distribution of Income Tax Revenue from Corporations (Refs & Annos)
Effective: July 1, 2022
MD Code, Tax - General, § 2-614
§ 2-614. Distributions to and from special fund, Transportation Trust Fund
Currentness
Distribution to special fund
(a)(1) Except as provided in paragraph (2) of this subsection, after making the distributions required under §§ 2-613 and 2-613.1 of this subtitle, the Comptroller shall distribute monthly 20% of the remaining income tax revenue from corporations to a special fund to be distributed as provided in subsection (b) of this section.
(2) The percent of the remaining income tax revenue from corporations distributed to a special fund to be distributed as provided in subsection (b) of this section shall be:
(i) 17.2% for the fiscal year beginning July 1, 2022;
(ii) 20% for the fiscal year beginning July 1, 2023;
(iii) 21% for the fiscal year beginning July 1, 2024; and
(iv) 22% for each fiscal year beginning on or after July 1, 2025, but before July 1, 2027.
Distribution of money from special fund
(b)(1)(i) Except as provided in subparagraph (ii) of this paragraph, from the special fund, the Comptroller shall distribute an amount equal to 20% of the cost to administer the income tax on corporations to an administrative cost account.
(ii) The percent of the cost to administer the income tax on corporations that is distributed to an administrative cost account shall be:
1. 17.2% for the fiscal year beginning July 1, 2022;
2. 20% for the fiscal year beginning July 1, 2023;
3. 21% for the fiscal year beginning July 1, 2024; and
4. 22% for each fiscal year beginning on or after July 1, 2025, but before July 1, 2027.
(2) After making the distribution required under paragraph (1) of this subsection, the Comptroller shall distribute the balance in the special fund to the Gasoline and Motor Vehicle Revenue Account in the Transportation Trust Fund.

Credits

Added as Tax-General § 2-617 by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1993, c. 79, § 1, eff. July 1, 1993. Renumbered as Tax-General § 2-616 by Acts 1993, c. 79, § 2, eff. July 1, 995. Amended by Acts 1994, c. 643, § 1, eff. July 1, 1995; Acts 1995, c. 3, § 6, eff. July 1, 1995. Renumbered as Tax-General § 2-614 by Acts 2002, c. 440, § 8, eff. July 1, 2002. Amended by Acts 2002, c. 440, § 8, eff. July 1, 2002; Acts 2004, c. 430, § 1, eff. July 1, 2004; Acts 2007, 1st Sp. Sess., c. 3, § 4, eff. Jan. 1, 2008; Acts 2011, c. 397, § 1, eff. July 1, 2011; Acts 2014, c. 45, § 1, eff. April 8, 2014; Acts 2022, c. 240, § 1, eff. July 1, 2022.
MD Code, Tax - General, § 2-614, MD TAX GENERAL § 2-614
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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