164 REPORT OF THE COMPTROLLER OF THE TREASURY

STATEMENT B—12

Receipts from the Franchise Tax on Net Earnings of Savings

Banks and Building, Savings and Loan Associations

For the Fiscal Year Ended June 30, 1966

Total Receipts ..................................		$5.696.52
Distribution of Receipts:
Anne Arundel County ...............	$399.59
Baltimore City..................................	678.05
Charles County	26.78
Montgomery County ............................	198.61
Prince George's County. ................... .....	4,393.49
Total distributed...		$5,696.52

The Franchise Tax on Net Earnings of Savings Banks and Building, Savings and Loan Asso-
ciations, is imposed by Chapter 183, Laws of Maryland 1965. The tax became effective January
1, 1966, and is at the rate of 3/4 of 1 per cent—with an exclusion of $100,000.00 from the net earn-
ings.

Returns filed and tax collected during the State's fiscal year ended June 30, 1966, were from
Building, Savings and Loan Associations on a Fiscal Year basis of accounting. The returns reflected
that part of the Fiscal Year falling within the Calendar Year 1966 with the net earnings and tax
due pro-rated accordingly.

Reports were received from 26 associations—5 of which paid the combined tax total as set
forth above, while 21 associations owed no tax in view of the exclusion as provided in the Law.