PARRIS N. GLENDENING, Governor                          H.B. 1154

1. THE AMOUNT OF INTEREST, DIVIDENDS, NET GAINS (BUT
NOT LESS THAN ZERO) AND OTHER INCOME FROM INVESTMENT ASSETS AND

ACTIVITIES IN THE INVESTMENT ACCOUNT TO BE ATTRIBUTED TO THIS STATE AND

INCLUDED IN THE NUMERATOR IS DETERMINED BY MULTIPLYING ALL SUCH
INCOME FROM SUCH ASSETS AND ACTIVITIES BY A FRACTION, THE NUMERATOR OF
WHICH IS THE AVERAGE VALUE OF SUCH ASSETS WHICH ARE PROPERLY ASSIGNED
TO A REGULAR PLACE OF BUSINESS OF THE BANK OR TRUST COMPANY WITHIN THIS
STATE AND THE DENOMINATOR OF WHICH IS THE AVERAGE VALUE OF ALL SUCH
ASSETS.

2. THE AMOUNT OF INTEREST FROM FEDERAL FUNDS SOLD
AND PURCHASED AND FROM SECURITIES PURCHASED UNDER RESALE
AGREEMENTS AND SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
ATTRIBUTABLE TO THIS STATE AND INCLUDED IN THE NUMERATOR IS
DETERMINED BY MULTIPLYING THE AMOUNT DESCRIBED IN ITEM 1 OF
SUBPARAGRAPH (I) OF THIS PARAGRAPH FROM SUCH FUNDS AND SUCH SECURITIES
BY A FRACTION, THE NUMERATOR OF WHICH IS THE AVERAGE VALUE OF FEDERAL
FUNDS SOLD AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL WHICH
ARE PROPERLY ASSIGNED TO A REGULAR PLACE OF BUSINESS OF THE BANK OR
TRUST COMPANY WITHIN THIS STATE AND THE DENOMINATOR OF WHICH IS THE
AVERAGE VALUE OF ALL SUCH FUNDS AND SUCH SECURITIES.

3. THE AMOUNT OF INTEREST, DIVIDENDS, GAINS AND
OTHER INCOME FROM TRADING ASSETS AND ACTIVITIES, INCLUDING BUT NOT
LIMITED TO ASSETS AND ACTIVITIES IN THE MATCHED BOOK, IN THE ARBITRAGE
BOOK AND FOREIGN CURRENCY TRANSACTIONS, (BUT EXCLUDING AMOUNTS
DESCRIBED IN ITEMS 1 AND 2 OF THIS SUBPARAGRAPH), ATTRIBUTABLE TO THIS
STATE AND INCLUDED IN THE NUMERATOR IS DETERMINED BY MULTIPLYING THE
AMOUNT DESCRIBED IN ITEM 2 OF SUBPARAGRAPH (I) OF THIS PARAGRAPH BY A
FRACTION, THE NUMERATOR OF WHICH IS THE AVERAGE VALUE OF SUCH TRADING
ASSETS WHICH ARE PROPERLY ASSIGNED TO A REGULAR PLACE OF BUSINESS OF
THE BANK OR TRUST COMPANY WITHIN THIS STATE AND THE DENOMINATOR OF
WHICH IS THE AVERAGE VALUE OF ALL SUCH ASSETS.

4. FOR PURPOSES OF THIS SUBPARAGRAPH, AVERAGE
VALUE SHALL BE DETERMINED USING THE RULES FOR DETERMINING THE
AVERAGE VALUE OF TANGIBLE PERSONAL PROPERTY SET FORTH IN PARAGRAPHS
(3) AND (4) OF SUBSECTION (D) OF THIS SECTION.

(III) IN LIEU OF USING THE METHOD SET FORTH IN
SUBPARAGRAPH (II) OF THIS PARAGRAPH, THE BANK OR TRUST COMPANY MAY
ELECT, OR THE COMPTROLLER MAY REQUIRE IN ORDER TO FAIRLY REPRESENT
THE BUSINESS ACTIVITY OF THE BANK OR TRUST COMPANY IN THIS STATE, THE USE
OF THE METHOD SET FORTH IN THIS SUBPARAGRAPH.

1. THE AMOUNT OF INTEREST, DIVIDENDS, NET GAINS (BUT
NOT LESS THAN ZERO) AND OTHER INCOME FROM INVESTMENT ASSETS AND
ACTIVITIES IN THE INVESTMENT ACCOUNT TO BE ATTRIBUTED TO THIS STATE AND
INCLUDED IN THE NUMERATOR IS DETERMINED BY MULTIPLYING ALL SUCH
INCOME FROM SUCH ASSETS AND ACTIVITIES BY A FRACTION, THE NUMERATOR OF

- 4329 -