As discussed in previous Multistate Tax Alerts, recent Maryland legislation created new corporate information disclosure requirements applicable to taxpayers and certain affiliated entities. These new disclosure requirements are in addition to and completely distinct from the ordinary process of filing Maryland corporate income tax returns on a separate company basis.  Disclosures for tax year 2006 (including both calendar and fiscal year taxpayers) and calendar tax year 2007 are due October 15, 2008, and are to be made electronically directly to the Maryland Comptroller’s Website. 

To implement the new disclosure requirements, the Comptroller has submitted emergency regulations for legislative review, and has posted on its Website answers to Frequently Asked Questions. In these materials, the Comptroller addresses various aspects of the new corporate disclosure requirements, including the substantial noncompliance penalties ($5,000 per day for the first 30 days following the due date of the report and $10,000 per day for each day after the first 30 days that the report has not been filed). The attached Multistate Tax Alert summarizes this new Maryland information.