122

LAWS OF MARYLAND

Ch. 8

(B) INTANGIBLE PERSONAL PROPERTY.

(1)  EXCEPT AS PROVIDED BY PARAGRAPH (2) OF THIS
SUBSECTION, INTANGIBLE PERSONAL PROPERTY IS NOT SUBJECT TO
ASSESSMENT AND PROPERTY TAX.

(2)  (I) IN THIS PARAGRAPH, "CORPORATION" MEANS A
CORPORATION THAT IS ENTITLED, UNDER A CONTRACT WITH THE STATE, TO
AN EXEMPTION FROM PROPERTY TAX IMPOSED UNDER THE PUBLIC GENERAL
LAW OF THE STATE.

(II) EXCEPT AS EXEMPT BY CONTRACT, ALL
INTANGIBLE PERSONAL PROPERTY OWNED BY A CORPORATION IS SUBJECT TO
ASSESSMENT AND PROPERTY TAX.

REVISOR'S NOTE: Subsection (a) of this section is new
language derived without substantive change from
former Art. 81, §§ 7 and 8(1) and (2) -- as those
subsections related to real and personal property, as
taxable, respectively -- and from the introductory
language of § 8.

Subsection (b)(1) of this section is new language
derived without substantive change from former Art.
81, § 9B.

Subsection (b)(2) of this section is new language
substituted for former Art. 81, § 11(c).

In this section, the defined term "property tax" is
substituted for the former references to "ordinary
taxes" or "State, county, and city ordinary taxation",
for clarity. As to a discussion of this substitution,
see the General Revisor's Note to this article.

In subsection (a)(1) of this section, the reference
"[e]xcept as otherwise provided by subsection (b) of
this section and Title 7 of this article" is
substituted for the former exceptions "except shares
of stock which shall be subject to assessment to the
issuing corporation" and "except as in §§ 9, 9A, 9B,
and 10 provided", respectively, for clarity and
brevity. Similarly, in subsection (b)(1) of this
section, the phrase "[e]xcept as provided by paragraph
(2) of this subsection" is substituted for the former
reference which excepted "shares of stocks in domestic
corporations upon which taxes are required by this
article to be paid by the corporation", for clarity
and brevity.

Also in subsection (a)(1) of this section, the defined
term "property" is substituted for the former
references to "real property" and "tangible personal
property" to clarify that, unless otherwise exempted,
all property in the State is subject to property tax.