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1163
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HARRY HUGHES, Governor
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1. ANY EXCLUSION FROM gross income any
amounts which might otherwise be excluded by § 280A(c)(4) of this
article[.];
2. ANY ALLOWANCE OF ANY DIVIDEND OR
INTEREST PAID OR CREDITED ON SAVINGS ACCOUNTS AND INVESTMENT
CERTIFICATES OR OTHER APPORTIONMENT OF PROFITS; OR
3. ANY ALLOWANCE FOR RESERVES.
(c) EXCEPT AS PROVIDED IN SUBSECTION (C-l) OF THIS SECTION,
[The] THE tax imposed shall be computed at the rate of three
quarters of one per centum (3/4 of 1%) of that portion of the
annual net earnings of the savings bank or of the building,
saving and loan association, which exceeds the sum of one hundred
thousand dollars ($100,000). The computation shall be made in
particular cases either on a calendar year or on a fiscal year
basis, whichever the bank or association is using for its regular
accounting period. The computation shall be based upon all
operations and branches of the bank or association and upon the
annual net earnings of the bank or association as an entirety.
[The computation shall be made before the calculation or
allowance of any dividends or interest paid or credited on
savings accounts and investment. certificates or other
apportionment of profits; and the computation shall be made
before allowing for any reserves provided however, that with]
WITH respect to foreign savings banks and associations admitted
to do business in the State of Maryland the computation shall be
based on that part of the yearly net earnings of the savings bank
or association as an entirety which bears the same ratio to the
total annual net earnings of the savings bank or association as
an entirety as the total of all loans made by the savings bank or
association on the security of property located in Maryland bears
to the total of all loans made by the savings bank or association
as an entirety, both as shown by the books of the savings bank or
association on the last day of the accounting year of the savings
bank or association. Provided further, that if by reason of any
law of any foreign jurisdiction a savings bank or association
chartered in this State or admitted to do business in this State
and doing business in such other jurisdiction is required to pay
a franchise tax to said foreign jurisdiction based upon its
savings accounts or free shares purchased in the State of
Maryland, or is required to pay to said foreign jurisdiction a
tax on its gross receipts including its gross receipts from
business done in the State of Maryland, or is required to pay to
said foreign jurisdiction a tax on its income including income
derived from business done in the 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.
(C-l) (1) FOR THE 1983 1984 A TAXABLE YEAR ENDING ON OR
AFTER JANUARY 1, 1984 THE TAX IS 3/8 PERCENT ON THE NET EARNINGS
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