Maryland Code, TAX – GENERAL 13-604
Terms Used In Maryland Code, TAX - GENERAL 13-604
- 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.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(b) On or before October 1 of each year, the Comptroller shall set the annual interest rate for the next calendar year on refunds and money owed to the State as the percent that equals the greater of:
(1) (i) 13% for 2016;
(ii) 12% for 2017;
(iii) 11.5% for 2018;
(iv) 11% for 2019;
(v) 10.5% for 2020;
(vi) 10% for 2021;
(vii) 9.5% for 2022; and
(viii) 9% for 2023 and each year thereafter; or
(2) 3 percentage points above the average prime rate of interest quoted by commercial banks to large businesses during the State’s previous fiscal year, based on determination by the Board of Governors of the Federal Reserve Bank.