Ch. 2                                    LAWS OF MARYLAND

(2)  For a taxable year ending on or after January 1,
1985 the tax is 3/16 percent on the net earnings under this
section, and 5 1/4 percent on the net earnings defined under §
128A of [this article] ARTICLE 81, AS AMENDED THROUGH DECEMBER
31, 1988.

(3)  For a taxable year ending on or after January 1,
1986, the tax is 7 percent on the net earnings defined under §
128A of [this article] ARTICLE 81, AS AMENDED THROUGH DECEMBER
31, 1988.

(d)  (1) Except as otherwise provided in this subsection, on
or before the 15th day of the fourth month after the end of its
calendar or fiscal year, as the case may be, the bank or
association, acting through its president, treasurer, or other
proper officer, shall report under oath to the Comptroller of the
Treasury its net earnings for the next previous taxable period,
and at the same time the savings bank or association shall pay to
the Comptroller of the Treasury the proper amount of tax for that
period as computed under this section. Beginning with January 1,
1984, the Department shall administer this section and all
reports and payments referred to in the preceding paragraph shall
be made to the Department.

(2) (i) A savings bank or association shall file a
declaration of estimated tax with the Department not later than
the 1st day of the 6th month of its fiscal year, if its tax is
reasonably expected to exceed $1,000 for the taxable year.

(ii) A savings bank or association required to
file a declaration of estimated tax under subparagraph (i) of
this paragraph shall pay at least 50 percent of the estimated tax
to the Department not later than the 1st day of the 6th month of
its fiscal year.

(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
Comptroller shall first deduct the cost of the administration of
this section and credit the same to the general funds of the
State. The 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 during the period July 1
through June 30 from any saving 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 for the second preceding

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