• Will North Carolina's Recently-Announced Voluntary Compliance Program For Income-Shifting Strategies and Tax Shelters Be Successful???
  • January 14, 2005
  • Law Firm: Blank Rome LLP - Philadelphia Office
  • Following Maryland's Intangible Holding Company ("IHC") victory in Comptroller of the Treasury v. SYL, Inc., 825 A.2d 399 (Md. 2003) the Maryland legislature -- against the wishes of the state's Comptroller -- enacted a "Settlement Program" that allowed IHCs to remit past-due tax at a reduced rate of interest and without the payment of otherwise applicable penalties. Maryland's Settlement Program, which ended November 1, 2004, increased the state's coffers by nearly $200 million.