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Update on Maryland Tax Reform Act of 2007 Additional Tax Reporting For Corporate Groups - October 15, 2008 Deadline Extended to November 29, 2008

The deadline for complying with the "pro forma" combined corporate income tax return has been extended from October 15, 2008 to November 29, 2008.

The Comptroller’s emergency regulations provide for penalties for failure to file these reports in the amount of $5,000 per day, for the first 30 days, and $10,000 per day thereafter for late filing. The pro forma returns are now due on November 29, 2008 for the 2006 tax year and seven months after the corporate income tax return was originally due for the 2007 tax year. (For calendar year taxpayers, the 2007 "pro forma" returns are due on November 29, 2008.) The reports are required to be submitted electronically at www.marylandtaxes.com.