WILLIAM DONALD SCHAEFER, Governor Ch. 554

Article 81 - Revenue and Taxes

Section 128A(e)

Annotated Code of Maryland

(1980 Replacement Volume and 1986 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

128A.

(e) (1) Every financial institution shall file with the
[Director] DEPARTMENT OF ASSESSMENTS AND TAXATION a report of its
net earnings for its annual accounting period ending within the
fiscal year of the State for which the tax is imposed on or
before the fifteenth day of the fourth month following the close
of the annual accounting period of the financial institution.

(2)  The report shall be in such form as the
[Director] DEPARTMENT shall prescribe. At the same time the
financial institution shall pay to the [Director] DEPARTMENT the
amount of tax indicated to be due according to such report, after
crediting the amount paid with the declaration filed under
subsection (d).

(3)  The tax imposed by this section shall be
collected and administered by the [Director] DEPARTMENT in
accordance with the provisions of the subtitle "Income Tax" of
this article not inconsistent with this section.

(4)  Reference in the subtitle "Income Tax" to the
Comptroller of the Treasury shall be taken to mean the [Director]
DEPARTMENT for purposes of this section, and the [Director]
DEPARTMENT shall have the same administrative and rule-making
powers and duties with respect to the franchise tax imposed
hereby as the Comptroller has with respect to income tax.

(5)  (I) THE DEPARTMENT SHALL CERTIFY TO THE
COMPTROLLER THE AMOUNT OF REVENUE COLLECTED UNDER THIS SECTION;
AND

(II) THE COMPTROLLER SHALL CREDIT THE REVENUE
TO THE GENERAL FUND OF THE STATE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987.

Approved May 14, 1987.

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