WILLIAM DONALD SCHAEFER, Governor                   Ch. 583

association on the last day of the accounting year of the savings
bank or association. Provided further, that if]

(2)  THE DEPARTMENT MAY ADOPT METHODS TO ALLOCATE NET
EARNINGS OF A SAVINGS BANK OR ASSOCIATION BASED ON THE GROSS
VOLUME OF TRANSACTIONS BY THAT SAVINGS BANK OR ASSOCIATION.

(3)  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 tax imposed by this section shall
be reduced to the extent of any 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.

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

Approved May 14, 1987.

CHAPTER 583

(House Bill 1274)

AN ACT concerning

Franchise Taxes - Savings Banks and Building,
Savings and Loan Associations Tax

FOR the purpose of requiring the Department of Assessments and
Taxation to make certain calculations and certifications;
requiring the Comptroller rather than the Director to
distribute savings banks and building, savings and loan
associations tax revenues in a certain manner and amounts;
and clarifying language.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes
Section 128(e)

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