Ch. 2

LAWS OF MARYLAND

EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, A
FINANCIAL INSTITUTION SHALL PAY THE FINANCIAL INSTITUTION
FRANCHISE TAX WITH THE RETURN THAT COVERS THE PERIOD FOR WHICH
THE TAX IS DUE.

(B) ESTIMATED TAX.

EACH FINANCIAL INSTITUTION REQUIRED TO FILE A DECLARATION OF
ESTIMATED FINANCIAL INSTITUTION FRANCHISE TAX SHALL PAY WITH THE
DECLARATION AT LEAST 50% OF THE TAX ESTIMATED AS DUE.

REVISOR'S NOTE: This section is new language derived
without substantive change from former Art. 81, §
128A(d)(2) and the second sentence of (e)(2), as they
related to payment.

It is revised to incorporate the substance of former
Art. 81, § 128(d)(2)(ii). 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.

The introductory phrase of subsection (a) of this
section, "[e]xcept as provided in subsection (b) of
this section", is added to clarify that an exception
for estimated tax payment exists.

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

8-211. ADMINISTRATION BY DEPARTMENT.

THE DEPARTMENT SHALL:

(1)  ADMINISTER THE LAWS THAT RELATE TO THE FINANCIAL
INSTITUTION FRANCHISE TAX, CONSISTENT WITH THIS SUBTITLE AND WITH
TITLE 10 OF THIS ARTICLE;

(2)  ADOPT REASONABLE REGULATIONS TO ADMINISTER THE
PROVISIONS OF LAWS THAT RELATE TO THE FINANCIAL INSTITUTION
FRANCHISE TAX, INCLUDING REGULATIONS THAT ESTABLISH, WITHOUT
REGARD TO THE METHODS REQUIRED UNDER TITLE 10 OF THIS ARTICLE,
METHODS FOR ALLOCATION OF NET EARNINGS BASED ON GROSS VOLUME OF
TRANSACTIONS;

(3)  DESIGN THE RETURNS AND FORMS THAT ARE REQUIRED
FOR THE ADMINISTRATION OF THE FINANCIAL INSTITUTION FRANCHISE TAX
LAW;

(4)  COLLECT THE FINANCIAL INSTITUTION FRANCHISE TAX
REVENUE, INCLUDING PENALTIES AND INTEREST; AND

(5)  CERTIFY TO THE COMPTROLLER:

(I) THAT REVENUE; AND

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