|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARRIS N. GLENDENING, Governor
|
|
|
|
|
|
Ch. 225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[(c)] (D) (C) The exemption under this section does not apply to any personal
property that is leased, loaned, or made available by a bank or trust company OR A
SAVINGS AND LOAN ASSOCIATION for the use of a person that is not a bank or trust
company OR SAVINGS AND LOAN ASSOCIATION.
[7-228.
Personal property is not subject to valuation or property tax, if the property is
owned by:
(1) an institution that is subject to the financial institution franchise tax
under Title 8, Subtitle 2 of the Tax - General Article; or
(2) a credit union organized for receiving deposits of money and paying
interest or dividends on the money, if the credit union does not have capital stock.]
SECTION 3. AND BE IT FURTHER ENACTED, That notwithstanding the
termination of the financial institution franchise tax as provided in Section 1 of this
Act, the Department of Assessments and Taxation shall retain full authority to audit,
administer, and enforce the tax for taxable years beginning before January 1, 2001.
SECTION 4. AND BE IT FURTHER ENACTED, That notwithstanding the
termination of the savings and loan association franchise tax as provided in Section 1
of this Act, the Comptroller shall retain full authority to audit, administer, and
enforce the tax for taxable years beginning before January 1, 2001.
SECTION 4. 5. AND BE IT FURTHER ENACTED, That for a taxable year
beginning after December 31, 2000, but before January 1, 2001 2002,
notwithstanding §§ 13-602 and 13-702 of the Tax - General Article:
(a) Except as provided in subsection (b) of this section, the Comptroller shall
assess interest and penalty under §§ 13-602 and 13-702 of the Tax — General Article
if a financial institution pays estimated income tax for the taxable year in an amount
less than 90% of the tax required to be shown on the financial institution's income tax
return for the taxable year.
(b) Subsection (a) of this section does not apply if the financial institution pays
estimated financial institution franchise tax for the taxable year in an amount that
when added to the estimated income tax paid by the financial institution for the
taxable year is at least equal to the financial institution franchise tax paid by the
financial institution for the prior taxable year.
SECTION 5. 6. AND BE IT FURTHER ENACTED, That Section 2 of this Act
shall take effect January 1, 2001 and be applicable to all taxable years beginning
after June 30, 2001.
SECTION 6. 7. AND BE IT FURTHER ENACTED, That, except as provided in
Section & 6 of this Act, this Act shall take effect October 1, 2000.
|
|
|
|
|
|
|
|
|
|
Approved May 11, 2000.
|
|
|
|
|
|
|
|
|
- 1481 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
