Ch. 2                                    LAWS OF MARYLAND

From and after July 1, 1959, the term "State Tax Commission"
as used in [this article, or in] any part of [this] THE Code, or
in any other laws, resolutions, ordinances or regulations of this
State or of any department, agency or political subdivision
[thereof,] OF THE STATE, shall be deemed to mean "State
Department of Assessments and Taxation," provided, however, that
if such construction would be unreasonable because such reference
is to a judicial or quasi-judicial function beyond the authority
of the State Department of Assessments and Taxation, the term
"State Tax Commission" shall be taken to mean "Maryland Tax
Court."

SECTION 8. AND BE IT FURTHER ENACTED, That Section 128(a)
through (h-1) of Article 81 - Revenue and Taxes of the Annotated
Code of Maryland, be repealed and reenacted, with amendments, and
transferred to the Session Laws, to read as follows:

1. [128.]

(a)  (1) A tax is imposed on the net earnings of every
savings bank and of every building, saving and loan association,
as in this section provided.

(2) For any taxable year ending after January 1,
1982, and before January 1, 1984, the maximum tax payable under
this section may not be more than the tax paid for the previous
fiscal or calendar year, as the case may be, of the savings bank
or savings and loan association.

(b)  (1) In this section the following terms have the
meanings indicated.

(2)  "Director" means the Director of the Department
of Assessments and Taxation.

(3)  "Savings bank" means an institution or
corporation organized for receiving deposits of money and paying
interest thereon, other than banks having a capital stock.

(4)  "Savings and loan association" means a
corporation that is:

(i) Chartered under the laws of this State as a
savings and loan association; or

(ii) Chartered under the laws of any other
state or of the United States as a savings and loan association
and admitted to do business in this State.

(5)  (i) Except as otherwise provided "net earnings"
means an amount equal to the net income of a taxpayer as if
computed for the particular savings bank or savings and loan
association under the provisions of the subtitle "Income Tax" in
[this article] ARTICLE 81, AS AMENDED THROUGH DECEMBER 31, 1988;

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