HARRY HUGHES, Governor
3965
BY repealing and reenacting, with amendments,
Article - Tax - Property
Section 13-493 13-404
Annotated Code of Maryland
(As enacted by Chapter ____ (S.B. 1) of the
Acts of the General Assembly of 1985)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 81 - Revenue and Taxes
277A.
(a) The Department of Assessments and Taxation is hereby
authorized and directed to collect the transfer tax of any of the
counties or Baltimore City, at the rate locally imposed on the
sale or transfer of real property, upon the filing of articles of
sale, lease, exchange, or other transfer of all or substantially
all the property and assets of a corporation with respect to the
property subject to the certificate required under § 3-112 of the
Corporations and Associations Article. The tax, however, shall
not apply to (1) the transfer of title to real property between a
subsidiary corporation and its parent corporation for no
consideration, for nominal consideration, or in sole
consideration, of the issue or the cancellation or surrender of a
subsidiary's stock, or (2) the transfer of title to real property
between two or more subsidiary corporations wholly owned by the
same parent corporation for no consideration, for nominal
consideration, or in sole consideration of the issue or the
cancellation or surrender of a subsidiary's stock, or (3) deed
made pursuant to reorganizations within the meaning of § 368(a)
or in accordance with §§ 371 to 374 inclusive of the Internal
Revenue Code.
(b) The counties and Baltimore City, as applicable, shall
certify to the Department of Assessments and Taxation the rate,
application, and authority for any transfer tax lawfully imposed
as of July 1, 1976.
(c) The Department of Assessments and Taxation shall
collect such transfer taxes as may be applicable at the rates
certified as required herein and shall remit promptly all taxes
collected, together with copies of supporting documents, to the
Comptroller of the Treasury. After deducting the cost to the
Department for administering this section, the Comptroller shall
distribute the net proceeds to the counties and Baltimore City
according to the situs of the properties sold or transferred.
(d) The taxes imposed by this section shall be in addition
to the taxes required by §§ 277 and 278A of this article, and the
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