HARRY HUGHES, Governor                                         3649

estimated tax and is not otherwise subject. to federal
withholding, receiving taxable income which is not subject to the
withholding provisions of this section shall be required to file
a declaration of his estimated tax, as specified in this
subsection. The declaration of his estimated tax for the current
year shall be filed on or before April 15 of that year. Also, on
the following July 15, [October] SEPTEMBER 15, and January 15,
the individual shall file either an amended declaration of
estimated tax for the year or an original declaration if one has
not theretofore been filed. For calendar years beginning 1975
and thereafter an individual's estimated tax for the current year
shall be filed on or before April 15 of that year. Also on the
following June 15, [October] SEPTEMBER 15, and January 15, the
individual shall file either an amended declaration of estimated
tax for the year or an original declaration if one has not
theretofore been filed. One fourth of the tax due for the year
according to the declaration of estimated tax, or any amendment
to this declaration, shall be due and payable on each of the four
dates specified. In lieu of filing a declaration of estimated
tax or an amendment thereto on January 15, the individual, at his
option, may file, on or before January 31, his final income tax
return for the year, at which time any tax remaining unpaid shall
be paid in full. Upon the filing of this final return and the
payment in full of the tax computed on the return as payable, the
return shall be considered as the declaration as provided for in
this subsection or as an amendment of a previously filed

declaration covering the same taxable year._____Except as

specifically provided elsewhere in this subsection, every
individual covered by the provisions of this subsection shall be
subject generally to the provisions and penalties of the
remainder of this section. This subsection does not apply unless
the tax liability on estimated gross income not subject to the
withholding provisions of this section exceeds:

(i) $100, in the case of an individual
taxpayer; or

(ii) $100, in the case of a husband and wife
living together.

(o) (1) If any [corporation or] individual required under
this section to file a declaration of estimated tax for any
taxable year either:

[(1)] (I) [fails] FAILS to file on the date or dates
heretofore prescribed[,];

[(2)] (II) [fails] FAILS to pay the installment or
installments when due[,]; or

[(3)] (III) [estimates] ESTIMATES a tax less than 80
percent of the developed tax shown on the return for the current
taxable year and which estimate was less than the tax paid for
the prior year, such [corporation or] individual shall be subject
to the penalties and interest as provided in § 318 of this
subtitle.