For all taxable years beginning before January 1, 2001, a franchise tax, measured by deposits held in the State, is imposed, for each calendar year, on each savings and loan association. For all taxable years beginning after December 31, 2000, the savings and loan association franchise tax is terminated.

The savings and loan association franchise tax rate is 0.013% of the total withdrawal value of the deposits that a savings and loan association holds in the State on December 31st.

A savings and loan association organized under the laws of this State and doing business outside this State may claim a credit against the savings and loan association franchise tax in an amount that equals any tax paid to another jurisdiction as a franchise tax on deposits held in this State.

Each savings and loan association that, on December 31, holds deposits in the State shall complete, under oath, and file with the Comptroller a savings and loan association franchise tax return, on or before April 15 of the next year.

A savings and loan association shall pay the savings and loan association franchise tax with the return that covers the period for which the tax is due.