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ROBERT L. EHRLICH, JR., Governor
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Ch. 142
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UNEXPENDED OR UNENCUMBERED BOND PROCEEDS SHALL BE DISPOSED OF AS
PROVIDED IN § 8-129 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2005.
Approved April 26, 2005.
CHAPTER 142
(Senate Bill 341)
AN ACT concerning
Income Tax - Corporations - Payments to Related Entities - Foreign Taxes
FOR the purpose of altering certain exceptions to a requirement that certain interest
expenses and certain intangible expenses be added to the federal taxable income
of a corporation to determine Maryland modified income under certain
circumstances; providing for the application of this Act; and generally relating to
a requirement that certain interest expenses and certain intangible expenses be
added to the federal taxable income of a corporation to determine Maryland
modified income under certain circumstances.
BY repealing and reenacting, with amendments,
Article - Tax - General
Section 10-306.1
Annotated Code of Maryland
(2004 Replacement Volume)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
10-306.1.
(a) (1) In this section the following words have the meanings indicated.
(2) "Aggregate effective tax rate" means the sum of the effective rates of
tax imposed by [all states, including] this State [and], other states or possessions of
the United States, AND FOREIGN NATIONS THAT HAVE ENTERED INTO
COMPREHENSIVE TAX TREATIES WITH THE UNITED STATES GOVERNMENT, where a
related member receiving a payment of interest expense or intangible expense is
subject to tax and where the measure of the tax imposed included the payment.
(3) "Bank" means:
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- 973 -
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