Section 8-204 – Taxable Net Earnings — Computation
(a) A financial institution shall compute its net earnings: (1) based on the accounting period used as its fiscal year; and (2) subject to the modifications required under this section, in the manner that a corporation computes, for purposes of the income tax, the Maryland modified income. (b) A financial institution shall add to its net earnings computed under […]
Section 8-205 – Taxable Net Earnings — International Banking Facilities
(a) (1) In this section the following words have the meanings indicated. (2) (i) “Foreign person” means: 1. an individual who is not a resident of the United States; 2. a company, partnership, or trust that is not organized under the laws of the United States or of a state; and 3. a foreign branch of a company organized under the laws […]
Section 8-206 – Taxable Net Earnings — Allocation
(a) In computing taxable net earnings, a financial institution with net earnings derived outside the State shall allocate its net earnings, in the manner that the Department requires, based on the gross volume of the transactions of the financial institution inside and outside the State. (b) In computing taxable net earnings, a financial institution shall include only […]
Section 8-207 – Tax Credit — for Estimated Taxes
A financial institution may claim a credit against the financial institution franchise tax equal to the estimated tax paid under § 8-210(b) of this subtitle.
Section 8-208 – Tax Credit — for Tax Paid to Other State
A savings bank or savings and loan association doing business outside this State may claim a credit against the financial institution franchise tax equal to the amount paid to another jurisdiction as: (1) a tax based on savings accounts or saving share accounts bought in this State; (2) a tax on gross receipts from business done in […]
Section 8-209 – Returns and Declarations
(a) Each financial institution existing or doing business in the State during any part of the fiscal year of the financial institution shall complete, under oath, and file with the Department a financial institution franchise tax return on or before the 15th day of the 3rd month after the end of that fiscal year. (b) (1) Each financial […]
Section 8-210 – Tax Payment
(a) Except as provided in subsection (b) of this section, a financial institution shall pay the financial institution franchise tax with the return that covers the period for which the tax is due. (b) Each financial institution required to file quarterly estimated financial institution franchise tax returns shall pay: (1) at least 25% of the estimated financial institution […]
Section 8-211 – Administration by Department
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 […]
Section 7.5-102 – Tax on Gross Revenues From Digital Advertising Services — Apportionment Determination
(a) A tax is imposed on annual gross revenues of a person derived from digital advertising services in the State. (b) (1) For purposes of this title, the part of the annual gross revenues of a person derived from digital advertising services in the State shall be determined using an apportionment fraction: (i) the numerator of which is the […]
Section 8-212 – Certifications for Payment of Refunds
If a financial institution franchise tax refund claim under § 13-901 of this article is allowed, the Department shall certify the amount to the Comptroller for payment.