Terms Used In Maryland Code, TAX - GENERAL 2-608.1

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) In this section, “municipality” means:

(1) a special taxing district that received an income tax revenue distribution in fiscal year 1977; or

(2) a municipal corporation.

(b) For fiscal year 1990, after making the distributions required under § 2-604 through § 2-608 of this subtitle, the Comptroller shall distribute to each municipality the amount, if any, by which:

(1) a $2 per capita increase over the amount distributed to the municipality under § 2-607 of this subtitle for the 1986 taxable year, based on the most recent census data available from the Department of Planning; exceeds

(2) the amount distributed to the municipality under § 2-607 of this subtitle for the 1988 taxable year.