HARRY HUGHES, Governor

2075

for which the tax is imposed. For the fiscal year of the
State ending June 30, 1969, the tax shall be measured by
only those net earnings of the financial institution as are
for the period after December 31, 1967. "Net earnings" for
purposes of this [subtitle] SECTION shall mean the net
income of such financial institution for its annual
accounting period ending within the fiscal year of the State
for which the tax is imposed, determined in accordance with
the provisions of § 280A of this article, allocable to this
State under the provisions of subsection (e) of this
section; provided, however, that the financial institution
shall include in its income interest upon obligations of the
United States, of any state including Maryland, of any
county, municipal or public corporation, authority, special
district, or political subdivision of any state including
Maryland, and of the respective instrumentalities thereof,
and shall further include in its income, § 280A(c)(4) of
this article notwithstanding, all other interest and
dividends to the extent included in its taxable income as
defined in the laws of the United States, as amended from
time to time and in effect for the corresponding taxable
year.

(c)  The rate of tax shall be seven percent (7%) of net
earnings allocable to this State under the provisions of
[subsection (e) of] this section [and of this subtitle].

(d)  For all taxable years beginning after June 30,
1976, every financial institution subject to taxation under
this [subtitle] SECTION shall make a declaration of its
estimated tax if its total tax for the current taxable year
reasonably may be expected to exceed $1,000.

The declaration of estimated tax shall be filed with
the Director of the State Department of Assessments and
Taxation on or before the first day of the sixth month
following the beginning of the institution's taxable year,
at which time not less than 50 percent of the tax so
estimated for the full taxable year is due and payable.

(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]
SECTION 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