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 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.
Section 8-214 – Credit for Wages Paid Pursuant to Title 6, Subtitle 3 of the Economic Development Article
A financial institution may claim a credit against the financial institution franchise tax for wages paid to qualified employees as provided under Title 6, Subtitle 3 of the Economic Development Article.
Section 8-202 – Imposition of Tax
(a) (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 […]
Section 8-203 – Tax Rate
The financial institution franchise tax rate is 7% of taxable net earnings as determined under §§ 8-204 through 8-206 of this subtitle.