§ 6-108. Penalties and interest
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 6-108
§ 6-108. Penalties and interest
(a) A tax not paid when a report or declaration is due to be filed is subject to a penalty of 5% and interest at the rate determined under § 13-604(b) of the Tax-General Article from the date that the report or declaration was due.
(b) If an additional amount is found to be due after a report or declaration has been filed, the additional amount is subject to interest at 6% per year from the due date of the report or declaration until payment is made to the Commissioner.
(c)(1) Subject to paragraph (2) of this subsection, if an insurer that is required under § 2-113 of this article to pay a premium tax on or before the due date in immediately available funds fails to do so, the Commissioner shall assess a penalty and interest as provided in subsection (a) of this section on the unpaid tax from the date the tax is due to the date on which the funds from the tax payment become available to the State.
Credits
Added by Acts 1995, c. 36, § 1, eff. Oct. 1, 1997. Amended by Acts 2006, c. 44, § 5, eff. April 8, 2006.
Formerly Art. 48A, § 637.
MD Code, Insurance, § 6-108, MD INSURANCE § 6-108
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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