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LAWS OF MARYLAND

Ch. 8

(C)  STOCK IN BUSINESS OF MANUFACTURING OR COMMERCIAL
BUSINESS.

THE STOCK IN BUSINESS OF A MANUFACTURING OR COMMERCIAL
BUSINESS IS SUBJECT TO ASSESSMENT IN THE COUNTY AND, IF
APPLICABLE, MUNICIPAL CORPORATION WHERE THE BUSINESS IS CARRIED
ON.

(D)  ROLLING STOCK.

THE PART OF ROLLING STOCK THAT IS HABITUALLY USED ON
RAILROADS IN THE STATE IS TANGIBLE PERSONAL PROPERTY THAT IS
SUBJECT TO ASSESSMENT IN THE STATE.

REVISOR'S NOTE: Subsections (a), (b), and (c) of this
section are new language derived without substantive
change from the references to property location in
former Art. 81, § 8(1), (2), and (6).

Subsection (d) of this section is new language derived
without substantive change from former Art. 81, §
10(a).

In subsections (a),    (b)(1), and (c) of this section,

the defined term       "municipal corporation" is

substituted for the     former word "city", for clarity
and consistency.

In subsections (a) and (b)(1) of this section, the
references to the taxability of property of "the
United States" are deleted as unnecessary in light of
§ 6-101(a)(2) of this article.

In subsection (d) of this section, the former
reference to the rolling stock "of any person" is
deleted as superfluous.

Also in subsection (d) of this section, the former
language "whether or not the individual items are
continuously in this State or are constantly
changing", which modified rolling stock, is deleted as
superfluous.

Former Art. 81, § 10(b), which referred to
apportioning the assessment of trust property where
there are both resident and nonresident trustees of
the property, is deleted as obsolete. Parallel
provisions that related to a similar apportionment
were repealed in 1935 and 1939. The present
determination of the value of rolling stock based on
track mileage was enacted in 1943. Since 1943, former
Art. 81, § 10(b) has not been used.

Defined terms: "Assessment" § 1-101
"County" § 1-101 "Manufacturing" § 1-101