Ch. 2                                    LAWS OF MARYLAND

Vehicle Law, milking machines, farm equipment, which
shall be considered to be tangible personal property
for purposes of this act", so that only "farm
equipment", and not to "farm vehicles" and "milking
machines" are listed as tangible personal property.

In paragraph (2)(ii) of this subsection, the word
"installation" is substituted for the former word
"annexation", for consistency.

Defined term: "Property" § 1-101

(I) TAXABLE PRICE.

(1)  "TAXABLE PRICE" MEANS THE VALUE, IN MONEY, OF THE
CONSIDERATION OF ANY KIND THAT IS PAID, DELIVERED, PAYABLE, OR
DELIVERABLE BY A BUYER TO A VENDOR IN THE CONSUMMATION AND
COMPLETE PERFORMANCE OF A SALE WITHOUT DEDUCTION FOR ANY EXPENSE
OR COST, INCLUDING THE COST OF:

(I)  ANY LABOR OR SERVICE RENDERED;

(II)  ANY MATERIAL USED; OR

(III)  ANY PROPERTY SOLD.

(2)  "TAXABLE PRICE" INCLUDES, FOR TANGIBLE PERSONAL
PROPERTY ACQUIRED BY A SALE FOR USE IN THE STATE BY THE PERSON
WHO ASSEMBLES, FABRICATES, OR MANUFACTURES THE PROPERTY, ONLY THE
PRICE OF THE RAW MATERIALS AND COMPONENT PARTS CONTAINED IN THE
PROPERTY.

(3)  "TAXABLE PRICE" DOES NOT INCLUDE A CHARGE THAT IS
MADE IN CONNECTION WITH A SALE AND IS STATED AS A SEPARATE ITEM
OF THE CONSIDERATION FOR:

(I)  A DELIVERY, FREIGHT, OR OTHER
TRANSPORTATION SERVICE FOR DELIVERY DIRECTLY TO THE BUYER BY THE
VENDOR OR BY ANOTHER PERSON ACTING FOR THE VENDOR;

(II)  A FINANCE CHARGE, INTEREST, OR SIMILAR
CHARGE FOR CREDIT EXTENDED TO THE BUYER;

(III)  A LABOR OR SERVICE FOR APPLICATION OR
INSTALLATION;

(IV)  A MANDATORY GRATUITY OR SERVICE CHARGE IN
THE NATURE OF A TIP FOR SERVING FOOD OR BEVERAGE TO A GROUP OF 10
OR FEWER INDIVIDUALS FOR CONSUMPTION ON THE PREMISES OF THE
VENDOR;

(V)  A PROFESSIONAL SERVICE; OR

(VI)  A TAX:

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