3842

VETOES

(3) A FEDERAL SAVINGS BANK SUPERVISED BY THE FEDERAL
HOME LOAN BANK WITH INSURANCE OF ACCOUNTS BY THE FEDERAL SAVINGS
AND LOAN INSURANCE CORPORATION; OR

(3) (4) A foreign association that is admitted to do
business in this State.

(b)  In addition to any other tax imposed, each association
shall pay this State an annual franchise tax.

(c)  The franchise tax under this section shall be an amount
equal to [one hundred thirty] SIXTY FIVE ten thousandths of one
percent THE FOLLOWING PERCENTAGES of the total withdrawal value
at December 31 of each year of an association's free share
accounts and other deposits originated in this State . :

(1) NINETY TEN-THOUSANDTHS OF ONE PERCENT FOR 1985;

(2) SEVENTY-FIVE TEN-THOUSANDTHS OF ONE PERCENT FOR
1986; AND

(3) SIXTY TEN-THOUSANDTHS OF ONE PERCENT FOR 1987 AND
FOR EACH YEAR THEREAFTER.

(d)  An association shall certify to the State Comptroller
the total withdrawal value of free share accounts and deposits
and the franchise tax due in the manner that other taxes are
reported.

(e)  (1) The franchise tax under this section is payable
without interest before April 15 of each year.

(2)   If the franchise tax is not paid, the amount of
unpaid tax bears interest at the rate determined under § 204 of
this article.

(3)  If the franchise tax is not paid before December
1 of the year in which the tax is due, a penalty of 5 percent is
added to the amount due.

(f)  If a Maryland association that is doing business in a
foreign jurisdiction is required to pay a franchise tax to the
foreign jurisdiction based on its free shares originated in this
State, the franchise tax under this section shall be reduced to
the extent of the tax paid to the foreign jurisdiction.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.