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1070
LAWS OF MARYLAND
Ch. 407
Annotated Code of Maryland
(1975 Replacement Volume and 1975 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 128A(d) of Article 81 - Revenue
and Taxes, of the Annotated Code of Maryland (1975
Replacement Volume and 1975 Supplement) be and it is
hereby repealed and reenacted, with amendments, to read
as follows:
Article 81 - Revenue and Taxes
128A.
[(d)] (E) Every financial institution shall file
with the Director of the State Department of Assessments
and Taxation a report of its net earnings for its annual
accounting period ending within the fiscal year of the
State for which the tax is imposed on or before the
fifteenth day of the fourth month following the close of
the annual accounting period of the financial
institution. The report shall be in such form as the
Director shall prescribe. At the same time the
financial institution shall pay to the Director the
amount of tax indicated to be due according to such
report, AFTER CREDITING THE AMOUNT PAID WITH THE
DECLARATION FILED UNDER SUBSECTION (D) . The tax imposed
by this subtitle shall be collected and administered by
the Director in accordance with the provisions of the
subtitle "Income Tax" of this article not inconsistent
herewith. Reference in the subtitle "Income Tax" to the
Comptroller of the Treasury shall be taken to mean the
Director for purposes of this subtitle, and the Director
shall have the same administrative and rule-making powers
and duties with respect to the franchise tax imposed
hereby as the Comptroller has with respect to income tax.
The failure or wilful failure of a financial institution
to file a return or report OR DECLARATION or pay a tax
[on] OR any portion of a tax, as required or due under
this subtitle, shall have the effect and be subject to
the procedures and penalties provided in §§ 320 and 322
and elsewhere in the subtitle "Income Tax" of this
article, as well as civil procedures authorized for the
collection of ordinary taxes.
SECTION 2. AND BE IT FURTHER ENACTED, That new
Section 128A(d) be and it is hereby added to Article 81 —
Revenue and Taxes, of the Annotated Code of Maryland
(1975 Replacement Volume and 1975 Supplement) to read as
follows:
Article 81 — Revenue and Taxes
128A.
(D) FOR ALL TAXABLE YEARS BEGINNING AFTER JUNE 30,
1976, EVERY FINANCIAL INSTITUTION SUBJECT TO TAXATION
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