2010 Maryland Code
TAX - GENERAL
TITLE 8 - FRANCHISE TAXES
Subtitle 2 - Financial Institution Franchise Tax
Section 8-202 - Imposition of tax.
§ 8-202. Imposition of tax.
(a) Financial institution franchise tax imposed.-
(1) For all taxable years beginning before January 1, 2001, a franchise tax, measured by taxable net earnings, is imposed annually on each financial institution existing or doing business in the State during any part of the fiscal year of the financial institution.
(2) For all taxable years beginning after December 31, 2000, the financial institution franchise tax is terminated, and Maryland taxable income of financial institutions shall be subject to taxation under Title 10 of this article.
(b) Limitation.- A county, municipal corporation, special taxing district, or other political subdivision of the State may not impose on a savings bank or savings and loan association any tax other than its regular tax on property.
[An. Code 1957, art. 81, §§ 128, 128A; 1988, ch. 2, § 1; ch. 565; 2000, ch. 225, § 1; 2002, ch. 122.]
Disclaimer: These codes may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
