§ 8–101
Statutes in effect as of October 1, 2026.
Md. Code Ann., Tax-Gen. § 8-101 (2026)
Title 8. Franchise Taxes
Subtitle 1. Definitions; General Provisions
§ 8–101LinkCopy Citation
(a)
In this title the following words have the meanings indicated.
(b)
“Company” means an association, corporation, or joint-stock company.
(c)
(1)
“Financial institution” means:
(i)
a credit company;
(ii)
except as provided in paragraph (2)(i) of this subsection, a finance company;
(iii)
an international banking facility;
(iv)
a loan company;
(v)
a mortgage company;
(vi)
a safe-deposit company; and
(vii)
a savings and loan association.
(2)
“Financial institution” does not include:
(i)
a finance company that makes loans only to farmers for agricultural purposes;
(ii)
a company licensed under the federal Small Business Investment Act of 1958;
(iii)
a corporation that elects to be taxed as a small business corporation under Subchapter S of the Internal Revenue Code;
(iv)
an entity that is a real estate mortgage investment conduit as defined in the Internal Revenue Code;
(v)
a limited liability company; or
(vi)
a commercial bank, savings bank, trust company, or company that substantially competes with national banks in the State.
(d)
“Savings and loan association” means:
(1)
a savings and loan association that:
(i)
is organized under the laws of this State;
(ii)
is organized under the laws of another state and is admitted to do business in this State; or
(iii)
is organized under the laws of the United States and has an office in this State; or
(2)
a savings bank chartered by the Federal Home Loan Bank Board.
(e)
(1)
“Savings bank” means a company or other institution that is organized to receive deposits of money and pay interest on the deposits.
(2)
“Savings bank” does not include a bank with capital stock.