4796

LAWS OF MARYLAND

Ch. 885

State of Maryland, then the tax imposed by this section
shall be reduced to the extent of any such franchise tax or
gross receipts tax or income tax so paid to said foreign
jurisdiction based on savings accounts or free shares
purchased in the State of Maryland, or on business done in
the State of Maryland.

(d) On or before the 15th day of the fourth month
after the end of its calendar or fiscal year, as the case
may be, the bank or association, acting through its
president, treasurer, or other proper officer, shall report
[under oath] to the Comptroller of the Treasury its net
earnings for that [next] previous taxable period, and at the
same time the bank or association shall pay to the
Comptroller of the Treasury the proper amount of tax for
that period as computed under this section.

(a) (1) A tax is imposed on the net earnings of every
savings bank and of every building, saving and loan
association, as in this section provided.

(2) FOR ANY TAXABLE YEAR ENDING AFTER JANUARY 1,
1982, AND BEFORE JANUARY 1, 1984, THE MAXIMUM TAX PAYABLE
UNDER THIS SECTION MAY NOT BE MORE THAN THE TAX PAID FOR THE
PREVIOUS FISCAL OR CALENDAR YEAR, AS THE CASE MAY BE, OF THE
SAVINGS BANK OR SAVINGS AND LOAN ASSOCIATION.

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

Approved June 1, 1982.

CHAPTER 886

(House Bill 1462)

AN ACT concerning

Worcester County - Alcoholic Beverages
(Board of License Commissioners)

FOR the purpose of providing that in Worcester County, the
County Commissioners shall determine the compensation
for the members of the board of license commissioners;
specifying the minimum compensation for the chairman
and members; and prohibiting any salary increase from
affecting the incumbent.

BY repealing and reenacting, with amendments,

Article 2B - Alcoholic Beverages