Ch. 583

LAWS OF MARYLAND

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

128.

(e) (1) THE DEPARTMENT OF ASSESSMENTS AND TAXATION SHALL
CALCULATE THE AMOUNTS NECESSARY FOR THE DISTRIBUTIONS OF REVENUE
REQUIRED UNDER PARAGRAPH (2) OF THIS SUBSECTION, IN ACCORDANCE
WITH REGULATIONS ADOPTED UNDER SUBSECTION (G) OF THIS SECTION,
AND CERTIFY THE AMOUNTS TO THE COMPTROLLER.

(2) From the taxes collected from any savings bank or
association pursuant to the provisions of this section the
[Director] COMPTROLLER shall first deduct the cost of the
administration of this section and credit the same to the general.
funds of the State. The [Director] COMPTROLLER 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 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], in accordance
with [regulations adopted pursuant to subsection (g)] THE
DEPARTMENT'S CERTIFICATION, 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 the 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.

Approved May 14, 1987.

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