{"data":{"id":"us-md/md.-code-tax-general-10-403","jurisdiction":"us-md","citation":"Md. Code, Tax - General § 10–403","heading":"","body":"(a) (1) In this section the following words have the meanings indicated.\n(2) (i) “Financial institution” means:\n1. a credit company;\n2. except as provided in subparagraph (ii)1 of this paragraph, a finance company;\n3. an international banking facility;\n4. a loan company;\n5. a mortgage company;\n6. a safe-deposit company; and\n7. a savings and loan association.\n(ii) “Financial institution” does not include:\n1. a finance company that makes loans only to farmers for agricultural purposes;\n2. a company licensed under the federal Small Business Investment Act of 1958;\n3. a corporation that elects to be taxed as a small business corporation under Subchapter S of the Internal Revenue Code;\n4. an entity that is a real estate mortgage investment conduit as defined in the Internal Revenue Code;\n5. a limited liability company; or\n6. a commercial bank, savings bank, trust company, or company that substantially competes with national banks in the State.\n(3) “Financial institution holding company” means a financial institution whose only activities are:\n(i) the maintenance and management of intangible investments; and\n(ii) the collection and distribution of income from intangible investments.\n(b) Notwithstanding § 10-402 of this subtitle, interest received by a financial institution holding company from one of its subsidiary corporations that is a financial institution shall be allocated to this State only to the extent that the interest is derived from the trade or business of the subsidiary corporation within this State.","path":["Article - Tax - General"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gtg\u0026section=10-403","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T20:01:18Z","sha256":"2bc2368a162f3054231f22cb844c09a75377b4301ff6348e35e5be34b454d12e","source_id":"us-md","stale":false,"prev":"us-md/md.-code-tax-general-10-402","next":"us-md/md.-code-tax-general-10-501"},"notice":"GroundRules: Original legal text. Not legal advice."}