(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 that part of interest derived from the trade or business, in this State, of the subsidiaries of the financial institution, if the financial institution is a holding company because its only activities are to:
(1) maintain and manage intangible investments; and
(2) collect and distribute income from intangible investments.
Structure Maryland Statutes
Subtitle 2 - Financial Institution Franchise Tax
Section 8-202 - Imposition of Tax
Section 8-204 - Taxable Net Earnings -- Computation
Section 8-205 - Taxable Net Earnings -- International Banking Facilities
Section 8-206 - Taxable Net Earnings -- Allocation
Section 8-207 - Tax Credit -- for Estimated Taxes
Section 8-208 - Tax Credit -- for Tax Paid to Other State
Section 8-209 - Returns and Declarations
Section 8-211 - Administration by Department
Section 8-212 - Certifications for Payment of Refunds
Section 8-215 - Credit for Neighborhood and Community Assistance
Section 8-216 - Credit for Wages, Child Care, and Transportation for Employees With Disabilities
Section 8-217 - Credit for Businesses That Create Jobs
Section 8-218 - Credit for Employer-Provided Long-Term Care Insurance
Section 8-220 - One Maryland Economic Development Tax Credits