1. (a) If the Internal Revenue Service issues a final determination that increases federal taxable income, federal estate, or federal generation-skipping transfer tax reported on a federal return, the tax collector shall assess the financial institution franchise tax, public service company franchise tax, income tax, Maryland estate tax, or Maryland generation-skipping transfer tax on the increase in the taxable net earnings, gross receipts, Maryland taxable income, federal credit for State death tax, or federal credit for State generation-skipping transfer tax that results from the federal adjustment.

2. (b) Within 90 days after the Internal Revenue Service issues to a person the final determination to which subsection (a) of this section refers, the person shall submit to the tax collector a report of federal adjustment that includes:

   1. (1) a statement of the amount of the increase; and
   2. (2) if the person contends that the final federal determination is erroneous, an explanation of the reasons for the contention.

Added as Tax-General § 13-410 by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Renumbered as Tax-General § 13-409 and amended by Acts 1988, c. 110, § 4; Acts 1988, c. 569, § 3. Amended by Acts 1988, c. 643, § 2; Acts 2007, c. 475, § 1, eff. July 1, 2007.

Formerly Art. 81, § 309.