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03.04.08.00.htm 03.04.08.00. Title 03 COMPTROLLER OF THE TREASURY Subtitle 04 INCOME TAX Chapter 08 Banks and Similar Institutions Authority: Tax-General Article, §2-103, 10-306.1, and 10-402(d) Annotated Code of Maryland
03.04.08.01.htm 03.04.08.01. 01 Scope.. This chapter provides specific guidance to banking and similar institutions subject to the Maryland income tax laws.
03.04.08.02.htm 03.04.08.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) Banking institution.. a) "Banking institution" means a:. i) Commercial bank;. ii) Savings bank, except a savings bank chartered by the Office of Thrift Supervision;. iii) Trust company;. iv) Company that substantially competes with national banks in the State;. v) Credit company;. vi) Finance company, other than a finance company that makes loans only to
03.04.08.03.htm 03.04.08.03. 03 Apportionment and Allocation.. A. Except as otherwise specifically provided, a banking institution whose business activity is taxable both within and without this State shall allocate and apportion its income as provided in this regulation.B. All income which is includable in the Maryland modified income, as defined in Tax-General Article, §10-304, Annotated Code of Maryland, shall be apportioned to this State by multiplying that income by the apportionment per
03.04.08.04.htm 03.04.08.04. 04 Receipts Factor.. A. The receipts factor is a fraction, the numerator of which is the receipts of the taxpayer in this State during the taxable year and the denominator of which is the receipts of the taxpayer within and without this State during the taxable year. The method of calculating receipts for purposes of the denominator is the same as the method used in determining receipts for purposes of the numerator. The receipts factor shall include only those recei
03.04.08.05.htm 03.04.08.05. 05 Property Factor.. A. The property factor is a fraction, the numerator of which is the average value of real property and tangible personal property rented to the taxpayer that is located or used within this State during the taxable year, the average value of the taxpayer's real and tangible personal property owned that is located or used within this State during the taxable year, and the average value of the taxpayer's loans and credit card receivables that are lo
03.04.08.06.htm 03.04.08.06. 06 Payroll Factor.. A. The payroll factor is a fraction, the numerator of which is the total amount paid in this State during the taxable year by the taxpayer for compensation and the denominator of which is the total compensation paid both within and without this State during the taxable year. The payroll factor shall include only that compensation which is included in the computation of the apportionable income tax base for the taxable year.B. Payments made to an in
03.04.08.9999.htm 03.04.08.9999. Administrative History Effective date: January 1, 1998 (24:12 Md. R. 861). Regulation .02B amended effective June 25, 2001 (28:12 Md. R. 1103) April 19, 2010 (37:8 Md. R. 614). Regulation .03 amended effective June 25, 2001 (28:12 Md. R. 1103). Regulation .06C amended effective October 9, 2006 (33:20 Md. R. 1613).
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