Ch. 2

LAWS OF MARYLAND

Defined terms: "Financial institution" § 8-101
"Financial institution franchise tax" § 1-101

8-208. SAME -- FOR TAX PAID TO OTHER STATE.

A SAVINGS BANK OR SAVINGS AND LOAN ASSOCIATION DOING
BUSINESS OUTSIDE THIS STATE MAY CLAIM A CREDIT AGAINST THE
FINANCIAL INSTITUTION FRANCHISE TAX EQUAL TO THE AMOUNT PAID TO
ANOTHER JURISDICTION AS:

(1)  A TAX BASED ON SAVINGS ACCOUNTS OR SAVING SHARE
ACCOUNTS BOUGHT IN THIS STATE;

(2)  A TAX ON GROSS RECEIPTS FROM BUSINESS DONE IN
THIS STATE; OR

(3)  A TAX ON INCOME DERIVED FROM BUSINESS DONE IN
THIS STATE.

REVISOR'S NOTE: This section is new language that repeats
the provisions of former Art. 81, § 128(c)(3)(i).

As to the transfer of former Art. 81, § 128(a) through
(h-1) to the Session Laws, see the General Revisor's
Note to this subtitle.

Defined terms: "Financial institution franchise

tax" § 1-101
"Savings and loan association" § 8-101
"Savings bank" § 8-101 "State" § 1-101

8-209. RETURNS AND DECLARATIONS.

(A)  RETURN.

EACH FINANCIAL INSTITUTION EXISTING OR DOING BUSINESS IN THE
STATE DURING ANY PART OF THE FISCAL YEAR OF THE STATE SHALL FILE
WITH THE DEPARTMENT A FINANCIAL INSTITUTION FRANCHISE TAX RETURN
ON OR BEFORE THE 15TH DAY OF THE 4TH MONTH AFTER THE END OF THE
ACCOUNTING PERIOD USED AS THE FISCAL YEAR OF THE FINANCIAL
INSTITUTION.

(B)  DECLARATION OF ESTIMATED TAX.

EACH FINANCIAL INSTITUTION THAT REASONABLY EXPECTS ITS
FINANCIAL INSTITUTION FRANCHISE TAX FOR A YEAR TO EXCEED $1,000
SHALL FILE WITH THE DEPARTMENT A DECLARATION OF ESTIMATED TAX, ON
OR BEFORE THE 1ST DAY OF THE 6TH MONTH OF THE ACCOUNTING PERIOD
USED AS THE FISCAL YEAR OF THE FINANCIAL INSTITUTION.

(C)  FORM.

THE PRESIDENT, TREASURER, OR OTHER PROPER OFFICER OF THE
FINANCIAL INSTITUTION SHALL SIGN, UNDER OATH, ITS COMPLETED
FINANCIAL INSTITUTION FRANCHISE TAX RETURN OR DECLARATION.

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