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Session Laws, 1986
Volume 768, Page 701   View pdf image
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HARRY HUGHES, Governor

701

CHAPTER 140

(Senate Bill 210)

AN ACT concerning

Franchise Tax - Tax Increment Financing Bonds

FOR the purpose of requiring that tax increment financing bonds
shall be included in the net earnings of financial
institutions, savings banks, and savings and loan
associations for purposes of measuring the State franchise
tax; providing for the effective date of this Act; and
providing for the application of this Act to certain taxable
years of financial institutions, savings banks, and savings
and loan associations.

BY repealing and reenacting, with amendments,

Article 41 - Governor - Executive and Administrative

Departments
Section 266JJ-11
Annotated Code of Maryland
(1982 Replacement Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 41 - Governor - Executive and Administrative

Departments

266JJ-11.

The principal amount of the bonds, the interest payable
thereon, their transfer, and any income derived therefrom,
including any profit made in the sale or transfer thereof, shall
be exempt from taxation by the State of Maryland and by the
several counties and municipalities of this State [and may not]
BUT SHALL be included, TO THE EXTENT REQUIRED BY ARTICLE 81, §
128 AND § 128A OF THE CODE, in the [income] NET EARNINGS of
financial institutions, SAVINGS BANKS, AND SAVINGS AND LOAN
ASSOCIATIONS for purposes of measuring the State franchise tax.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1986 and apply to the taxable year of any
financial institution, savings bank, or savings and loan
associations ending on or after January 1, 1985.

Approved April 29, 1986.

 

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Session Laws, 1986
Volume 768, Page 701   View pdf image
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