PARRIS N. GLENDENING, Governor

H.B. 1154

(II) TRANSPORTATION PROPERTY IS INCLUDED IN THE
NUMERATOR OF THE PROPERTY 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 VALUE THAT IS TO BE INCLUDED IN THE
NUMERATOR OF THIS STATE'S PROPERTY FACTOR IS DETERMINED BY
MULTIPLYING THE AVERAGE VALUE 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 EVERYWHERE. 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 WHERE THE PROPERTY HAS
ITS PRINCIPAL BASE OF OPERATIONS. A MOTOR VEHICLE WILL BE DEEMED TO BE
USED WHOLLY WHERE IT IS REGISTERED.

(7) (I) A LOAN IS CONSIDERED TO BE LOCATED WITHIN THIS STATE IF
IT IS PROPERLY ASSIGNED TO A REGULAR PLACE OF BUSINESS OF THE BANK OR
TRUST COMPANY WITHIN THIS STATE.

(II) A LOAN IS PROPERLY ASSIGNED TO THE REGULAR PLACE OF
BUSINESS WITH WHICH IT HAS A PREPONDERANCE OF SUBSTANTIVE CONTACTS. A
LOAN ASSIGNED BY THE BANK OR TRUST COMPANY TO A REGULAR PLACE OF
BUSINESS IN ANOTHER STATE SHALL BE PRESUMED TO HAVE BEEN PROPERLY
ASSIGNED IF:

1. THE BANK OR TRUST COMPANY HAS ASSIGNED, IN THE
REGULAR COURSE OF ITS BUSINESS, SUCH LOAN ON ITS RECORDS TO A REGULAR
PLACE OF BUSINESS CONSISTENT WITH FEDERAL OR STATE REGULATORY
REQUIREMENTS;

2. SUCH ASSIGNMENT ON ITS RECORDS IS BASED UPON
SUBSTANTIVE CONTACTS OF THE LOAN TO SUCH REGULAR PLACE OF BUSINESS;

AND

3. THE BANK OR TRUST COMPANY USES SAID RECORDS
REFLECTING ASSIGNMENT OF LOANS FOR THE FILING OF ALL STATE AND LOCAL
TAX RETURNS FOR WHICH AN ASSIGNMENT OF LOANS TO A REGULAR PLACE OF
BUSINESS IS REQUIRED.

(III) THE PRESUMPTION OF PROPER ASSIGNMENT OF A LOAN
PROVIDED IN SUBPARAGRAPH (II) OF THIS PARAGRAPH MAY BE REBUTTED UPON A
SHOWING BY THE COMPTROLLER, SUPPORTED BY A PREPONDERANCE OF THE
EVIDENCE, THAT THE PREPONDERANCE OF SUBSTANTIVE CONTACTS REGARDING
SUCH LOAN DID NOT OCCUR AT THE REGULAR PLACE OF BUSINESS TO WHICH IT
WAS ASSIGNED ON THE BANK OR TRUST COMPANY'S RECORDS. WHEN SUCH
PRESUMPTION HAS BEEN REBUTTED, THE LOAN SHALL THEN BE LOCATED WITHIN
THIS STATE IF:

1. THE BANK OR TRUST COMPANY HAD A REGULAR PLACE
OF BUSINESS WITHIN THIS STATE AT THE TIME THE LOAN WAS MADE; AND

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