Ch. 110

LAWS OF MARYLAND

(c) Any interest held by a trust or an estate in which, at
any time during the year for which the statement is filed, the
person making the statement (1) held a reversionary interest or
was a beneficiary or (2) if the trust was revocable, was a
settlor. A trust, within the meaning of this subsection, does
not include a common trust fund or a trust which forms part of a
pension or profit-sharing plan which has more than 25
participants and which has been determined by the Internal
Revenue Service to be a qualified trust under §§ 401 and 501 of
the Internal Revenue Code [of 1954].

Article 41 - Governor - Executive and Administrative

Departments

14-101.

(g) "Facility" or "facilities" means any land or interest
in land, buildings, structures, machinery, equipment,
furnishings, or other real or personal property or interest in
them, or any combination of them, the acquisition of which the
legislative body of a municipality or county, the board of
directors of an authority, or the Maryland Industrial Development
Financing Authority, in its sole and absolute discretion, finds
and determines by resolution will accomplish 1 or more of the
legislative purposes set forth in § 14-102 of this subtitle,
including, without limitation, that or those which may be
financed from the proceeds of the issuance and sale of bonds the
interest on which is exempt from federal income taxation under
the provisions of § 103 of the Federal Internal Revenue Code [of
1954] or any other federal statute hereafter enacted. A facility
does not constitute a capital project of any public body within
the meaning of any statutory or charter provision.

14-211.

The principal amount of the bonds, the interest payable
thereon, their transfer, and any income derived therefrom,
including any profit made in the sale or transfer thereof, shall
be exempt from taxation by the State of Maryland and by the
several counties and municipalities of this State but shall be
included, to the extent required [by Article 81, § 128 and § 128A
of the Code] UNDER TITLE 8, SUBTITLE 2 OF THE TAX - GENERAL
ARTICLE, in COMPUTING the net earnings of financial
institutions[, savings banks, and savings and loan associations
for purposes of measuring the State franchise tax].

Article 41A - Department of Economic and Employment

Development

5-101.

(h) "Project" means the establishment of economic activity
on properties conveyed to the Corporation under § 5-113 of this

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