WILLIAM DONALD SCHAEFER, Governor                   Ch. 581

and at the same time the savings bank or association shall pay to
the Comptroller of the Treasury the proper amount of tax for that
period as computed under this section. Beginning with January 1,
1984, the [Director] DEPARTMENT shall administer this section and
all reports and payments referred to in the preceding paragraph
shall be made to the [Director] DEPARTMENT.

(2) (I) A SAVINGS BANK OR ASSOCIATION SHALL FILE A
DECLARATION OF ESTIMATED TAX WITH THE DEPARTMENT NOT LATER THAN
THE 1ST DAY OF THE 6TH MONTH OF ITS FISCAL YEAR . , IF ITS
SAVINGS BANK AND BUILDING, AND SAVINGS AND LOAN ASSOCIATION TAX
IS REASONABLY EXPECTED TO EXCEED $1,000 FOR THE TAXABLE YEAR.

(II) A SAVINGS BANK OR ASSOCIATION REQUIRED TO
FILE A DECLARATION OF ESTIMATED TAX UNDER SUBPARAGRAPH (I) OF
THIS PARAGRAPH SHALL PAY AT LEAST 50 PERCENT OF THE ESTIMATED TAX
TO THE DEPARTMENT NOT LATER THAN THE 1ST DAY OF THE 6TH MONTH OF
ITS FISCAL YEAR.

(e) From the taxes collected from any savings bank or
association pursuant to the provisions of this section the
Director shall first deduct the cost of the administration of
this section and credit the same to the general funds of the
State. The Director shall then apportion and pay over the
remainder of the taxes collected from any savings bank or
association pursuant to the provisions of this section to one or
more of the several counties or Baltimore City, as follows: The
net remainder of the tax collected DURING THE PERIOD JULY 1
THROUGH JUNE 30 from any savings bank or association shall be
apportioned among the counties and Baltimore City according to
the relative amount of deposits and/or share accounts applicable
to each county and Baltimore City FOR THE SECOND PRECEDING
TAXABLE YEAR, in accordance with regulations adopted pursuant to
subsection (g) OF THIS SECTION and the county or Baltimore City
in which the branch office is located shall be paid that share of

the total. If the savings bank or association has no branch

offices, the total payment shall be made to the county or
Baltimore City in which one office of the savings bank or
association is located. All such payments shall be made to the
board of county commissioners or county council of the county or
to the Mayor and City Council of Baltimore, to be credited in
each instance to the general funds of the county or city.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1987 and shall apply to fiscal years
beginning on or after that date.

Approved May 14, 1987.

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