Ch. 743

LAWS OF MARYLAND

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 8-716(f) through (h), respectively, of
Article - Natural Resources of the Annotated Code of Maryland be
renumbered to be Section(s) 8-716(g) through (i), respectively.

SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article - Natural Resources

8-716.

(e) A person is not required to pay the tax provided for in
subsection (c) resulting from:

(1)  A transfer between members of the immediate
family as determined by Department regulations;

(2)  A transfer to a licensed dealer of a vessel for
resale, rental, or lease purposes;

(3)  Purchase of a vessel by the State or any
political subdivision; [or]

(4)  Purchase of a vessel by an eleemosynary
organization which the Secretary has approved[.];

(5)  The purchase within this State of a vessel if the
owner paid or incurred a liability for the Maryland retail sales
tax on the vessel prior to July 1, 1986[.];

(6)  The possession within this State of a vessel
which was purchased outside this State if the owner paid or
incurred a liability for the Maryland Use Tax on the vessel prior
to July 1, 1986[.];

(7)  The possession of a vessel that was purchased or
acquired prior to coming into this State by a nonresident of this
State and is not used principally on the waters of this State and
if the issuance of a title is not sought; OR

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(c) (1) Except as provided in subsection (d) of § 8-715 and
in subsection (e) of this section, and in addition to the fees
prescribed in subsection (b) of this section, an excise tax is
levied at the rate of 5 percent of the fair market value of the
vessel on the issuance of every original certificate of title
required for a vessel under this subtitle, on the issuance of
every subsequent certificate of title for the sale, resale, or
transfer of the vessel, upon the sale within this State of every
other vessel and upon the possession within this State of a
vessel purchased outside this State to be used principally in
this State.