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Ch. 127
1995 LAWS OF MARYLAND
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1995 and shall be applicable to all motor vehicle lease contracts entered into on or
after July 1, 1995.
Approved May 9, 1995.
CHAPTER 127
(Senate Bill 442)
AN ACT concerning
Financial Institution Franchise-Tax
Taxation of Banks and Trust Companies
FOR the purpose of repealing allowing certain financial institutions a subtraction
modification for certain taxable years for a certain percentage of certain addition
modifications under the financial institution franchise tax; repealing certain
provisions providing for allocation of net earnings of a financial institution with net
earnings derived outside the State based on volume of gross transactions; providing
for the allocation and apportionment of the net earnings of a financial institution
with net earnings derived outside the State by a certain formula; altering the
definition of "financial institution" under the financial institution franchise tax to
exclude certain persons from the tax; altering the applicability of a certain
exemption under the property tax for personal property owned by a financial
institution; exempting from property tax certain personal property owned by certain
persons; requiring the Department of Assessments and Taxation to make a certain
determination; requiring the Department of Assessments and Taxation to make a certain
report and provide the report to certain committees fry a certain date; providing for the
effective date and application of this Act; and generally relating to the taxation of
certain financial institutions.
BY repealing and reenacting, with amendments,
Article - Tax - General
Section 8-204, 8-206, and 8-211
Annotated Code of Maryland
(1988 Volume and 1994 Supplement)
BY repealing and reenacting, with amendments,
Article - Tax - General
Section 8-101(c)
Annotated Code of Maryland
(1988 Volume and 1994 Supplement)
BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 7-221
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