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SECTION 1502
Computation of tax
Tax (TAX) CHAPTER 60, ARTICLE 33
§ 1502. Computation of tax. (a) The tax imposed under section fifteen
hundred one shall be the greatest of:

(1) for taxable years beginning before July first, two thousand, nine
percent of the taxpayer's entire net income, or portion thereof
allocated within this state, for the taxable year, or part thereof,
except that for taxable years beginning prior to January first, nineteen
hundred seventy-eight, the rate shall be four and five-tenths percent;
for taxable years beginning after June thirtieth, two thousand and
before July first, two thousand one, eight and one-half percent of the
taxpayer's entire net income, or portion thereof allocated within this
state, for the taxable year, or part thereof; for taxable years
beginning after June thirtieth, two thousand one and before July first,
two thousand two, eight percent of the taxpayer's entire net income, or
portion thereof allocated within this state, for the taxable year, or
part thereof; for taxable years beginning after June thirtieth, two
thousand two and before January first, two thousand seven, seven and
one-half percent of the taxpayer's entire net income, or portion thereof
allocated within this state, for the taxable year, or part thereof; and
for taxable years beginning on or after January first, two thousand
seven, seven and one-tenth percent of the taxpayer's entire net income,
or portion thereof allocated within this state, for the taxable year, or
part thereof; or

(2) one and six-tenths mills for each dollar of the taypayer's total
business and investment capital allocated within this state for the
taxable year, or part thereof, except that for taxable years beginning
prior to January first, nineteen hundred seventy-eight, the rate shall
be eight-tenths mills; or

(3) nine percent on thirty percent of the taxpayer's entire net income
plus salaries and other compensation paid to the taxpayer's elected or
appointed officers and to every stockholder owning in excess of five
percent of its issued capital stock minus fifteen thousand dollars and
any net loss for the reported year, or the portion of such sum allocated
within the state as hereinafter provided, except that for taxable years
beginning prior to January first, nineteen hundred seventy-eight, the
rate shall be four and five-tenths percent rather than nine percent; or

(4) two hundred fifty dollars; plus

(b) eight-tenths of a mill for each dollar of the portion of the
taxpayer's subsidiary capital allocated within the state for the taxable
year, or part thereof, except that for taxable years beginning prior to
January first, nineteen hundred seventy-eight, the rate shall be
four-tenths of a mill.