Ch. 581

LAWS OF MARYLAND

(c) (1) Except as provided in subsection (c-1) of this
section, 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] SAVINGS 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.

(2)  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.

(3)  (I) [Provided further, that if] 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
SAVINGS BANK OR ASSOCIATION MAY CLAIM A CREDIT AGAINST the tax
imposed by this section [shall be reduced to the extent of any]
EQUAL TO 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[.]; AND

(II) A SAVINGS BANK OR ASSOCIATION MAY CLAIM A
CREDIT AGAINST THE TAX IMPOSED UNDER THIS SECTION EQUAL TO THE
ESTIMATED TAX PAID UNDER SUBSECTION (D)(2)(II) OF THIS SECTION.

(d) (1) Except as otherwise provided in this subsection, 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 the next previous taxable period,

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