Ch. 1

1992 LAWS OF MARYLAND

8-211.

The Department shall:

(1)     administer the laws that relate to the financial institution franchise tax,
consistent with this subtitle and with Title 10 of this article;

(2)     adopt reasonable regulations to administer the provisions of laws that
relate to the financial institution franchise tax, including regulations that establish,
without regard to the methods required under Title 10 of this article, methods for
allocation of net earnings based on gross volume of transactions;

(3)     design the returns and other forms that, on completion, provide the
information required for the administration of the financial institution franchise tax law;

(4)     collect the financial institution franchise tax revenue, including penalties
and interest; and

(5)     certify THAT REVENUE to the Comptroller[:

(i) that revenue; and

(ii) the amounts required under § 8-213 of this subtitle for its
distribution],

[8-213.

(a)     The Department shall compute:

(1)     the costs of administering this subtitle during a fiscal year with respect to
savings banks and savings and loan associations; and

(2)     if a financial institution franchise tax refund claim under § 13-901 of this
article is allowed, the proportionate part of the tax revenue to be refunded that previously
was distributed to each county.

(b)     The Department shall certify to the Comptroller for distribution to each
county its fractional share of the financial institution franchise tax revenue collected
during the fiscal year of the State from savings banks and savings and loan associations.

(c)     To compute a fractional share under subsection (b) of this section, the
Department shall:

(1)     determine the net tax revenue attributable to savings banks and savings
and loan associations for a fiscal year, by deducting the costs computed under subsection
(a)(1) of this section from the total tax revenue collected in that year from the savings
banks and savings and loan associations;

(2)     multiply the net tax revenue by a fraction:

(i) the numerator of which is the amount of deposits and share
accounts that, on the last day of the 2nd preceding fiscal year of a savings bank or savings
and loan association, are held in each office located in the county; and

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