Maryland Comptroller Adopts Income, Sales, Excise, Property, Estate Tax Regulation on Private Letter Rulings

The Maryland Comptroller Dec. 29, 2023 adopted regulations on private letter rulings for individual income, corporate income, trust income, sales and use, excise, property, estate, and inheritance tax purposes. The rules include measures: 1) providing definitions; 2) specifying that a private letter ruling is binding on the comptroller for seven years from the date of issue of the ruling unless the ruling is void, modified, or revoked; 3) explaining that a petitioner isn’t bound by a private letter ruling; 4) providing that a petitioner’s failure to follow a ruling may be considered in determining any abatement of interest and penalty ...