4794                                      LAWS OF MARYLAND                                    Ch. 884

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 885

(House Bill 1445)

AN ACT concerning

Franchise Taxes - Savings Banks and
Savings and Loan Associations

FOR the purpose of altering the definition of "net earnings"
freezing the franchise tax of certain savings banks and
savings and loan associations for a certain period to
permit a certain treatment of excess net operating
loss; permitting certain allowances for dividend and
interest payments and certain allowances for reserves
in calculating net income; altering the rate of tax;
altering the minimum taxable net earnings; eliminating
the requirement that certain reports be made under the
oath of certain officers; clarifying language; and
generally relating to the taxation of savings banks and
savings and loan associations a maximum of the amount
paid by the savings bank or savings and loan
association for a certain fiscal year.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 128(b), (c) and (d) (a)

Annotated Code of Maryland

(1980 Replacement Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article 81 - Revenue and Taxes

128.

(b) For the purposes of this section: (1) [a] A
savings bank is an institution or corporation organized for
receiving deposits of money and paying interest thereon,
other than banks having a capital stock; (2)[a] A savings
and loan association is a corporation. (i) [chartered]