Ch. 127

1995 LAWS OF MARYLAND

FOR PURPOSES OF THE NUMERATOR. THE RECEIPTS FACTOR SHALL INCLUDE ONLY
THOSE RECEIPTS DESCRIBED HEREIN WHICH CONSTITUTE BUSINESS INCOME AND
ARE INCLUDED IN THE COMPUTATION OF THE APPORTIONABLE INCOME BASE FOR
TILE TAXABLE YEAR.

(2) THE NUMERATOR OF THE RECEIPTS FACTOR INCLUDES RECEIPTS
FROM THE LEASE OR RENTAL OF REAL PROPERTY OWNED BY THE FINANCIAL
INSTITUTION IF THE PROPERTY IS LOCATED WITHIN THIS STATE OR RECEIPTS FROM
THE SUBLEASE OF REAL PROPERTY IF THE PROPERTY IS LOCATED WITHIN THIS
STATE.

(3) (I) EXCEPT AS DESCRIBED IN SUBPARAGRAPH (II) OF THIS
PARAGRAPH, THE NUMERATOR OF. THE RECEIPTS FACTOR INCLUDES RECEIPTS
FROM THE LEASE OR RENTAL OF TANGIBLE PERSONAL PROPERTY OWNED BY THE
FINANCIAL INSTITUTION IF THE PROPERTY IS LOCATED WITHIN THIS STATE WHEN
IT IS FIRST PLACED IN SERVICE BY THE LESSEE.

(II) RECEIPTS FROM THE LEASE OR RENTAL OF TRANSPORTATION
PROPERTY OWNED BY THE FINANCIAL INSTITUTION ARE INCLUDED IN THE
NUMERATOR OF THE RECEIPTS FACTOR TO THE EXTENT THAT THE PROPERTY IS
USED IN THIS STATE. THE EXTENT AN AIRCRAFT WILL BE DEEMED TO BE USED IN
THIS STATE AND THE AMOUNT OF RECEIPTS THAT IS TO BE INCLUDED IN THE
NUMERATOR OF THIS STATE'S RECEIPTS FACTOR IS DETERMINED BY MULTIPLYING
ALL THE RECEIPTS FROM THE LEASE OR RENTAL OF THE AIRCRAFT BY A FRACTION.
THE NUMERATOR OF WHICH IS THE NUMBER OF LANDINGS OF THE AIRCRAFT IN
THIS STATE AND THE DENOMINATOR OF WHICH IS THE TOTAL NUMBER OF
LANDINGS OF THE AIRCRAFT. IF THE EXTENT OF THE USE OF ANY
TRANSPORTATION PROPERTY WITHIN THIS STATE CANNOT BE DETERMINED, THEN
THE PROPERTY WILL BE DEEMED TO BE USED WHOLLY IN THE STATE WHERE THE
PROPERTY HAS ITS PRINCIPAL BASE OF OPERATIONS. A MOTOR VEHICLE WILL BE
DEEMED TO BE USED WHOLLY IN THE STATE WHERE IT IS REGISTERED.

(4) (I) THE NUMERATOR OF THE RECEIPTS FACTOR INCLUDES
INTEREST AND FEES OR PENALTIES IN THE NATURE OF INTEREST FROM LOANS
SECURED BY REAL PROPERTY IF THE PROPERTY IS LOCATED WITHIN THIS STATE. IF
THE PROPERTY IS LOCATED BOTH WITHIN THIS STATE AND ONE OR MORE OTHER
STATES, THE RECEIPTS DESCRIBED IN THIS SUBSECTION ARE INCLUDED IN THE
NUMERATOR OF THE RECEIPTS FACTOR IF MORE THAN FIFTY PERCENT OF THE
FAIR MARKET VALUE OF THE REAL PROPERTY IS LOCATED WITHIN THIS STATE. IF
MORE THAN FIFTY PERCENT OF THE FAIR MARKET VALUE OF THE REAL PROPERTY
IS NOT LOCATED WITHIN ANY ONE STATE, THEN THE RECEIPTS DESCRIBED IN THIS
SUBSECTION SHALL BE INCLUDED IN THE NUMERATOR OF THE RECEIPTS FACTOR IF
THE BORROWER IS LOCATED IN THIS STATE.

(II) THE DETERMINATION OF WHETHER THE REAL PROPERTY
SECURING A LOAN IS LOCATED WITHIN THIS STATE SHALL BE MADE AS OF THE TIME
THE ORIGINAL AGREEMENT WAS MADE AND ANY AND ALL SUBSEQUENT
SUBSTITUTIONS OF COLLATERAL SHALL BE DISREGARDED.

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