HARRY HUGHES, Governor

3841

of Maryland chartered Savings and Loan Associations, Senate Bill
7 was also enacted during the 1985 Extraordinary Session of the
General Assembly providing for an emergency appropriation of
$1,000,000 to fund additional operating costs.

In view of the State's greatly increased costs associated
with its expanded regulatory, managerial, and insurance functions
for the Savings and Loan Industry, the equilibrium of State costs
and franchise tax revenues can best be maintained by sustaining
the franchise tax at its present rate.

Therefore, for the above reasons, I have decided to veto
Senate Bill 455.

Sincerely,
Harry Hughes
Governor

Senate Bill No. 455

AN ACT concerning

Franchise Tax - Savings and Loan Associations

FOR the purpose of clarifying the definition of association for
purposes of application of the annual franchise tax; and
altering the rate of the annual franchise tax imposed on a
savings and loan an association.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 128B

Annotated Code of Maryland

(1980 Replacement Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

128B.

(a) In this section, "association" means:

(1)  A savings and loan association;

(2)  A federal association that has an office in this
State; or