PARRIS N. GLENDENING, Governor                             Ch. 657

(B) THE PROPERTY TAX EXEMPTION UNDER IMS SECTION ONLY APPLIES FOR
ANY TAXABLE YEAR FOR WHICH AND TO THE EXTENT THAT A PROPERTY TAX
EXEMPTION IS GRANTED BY THE GOVERNING BODY OF A COUNTY UNDER § 8-302 OF
THIS ARTICLE.

8-302.

(A)    For purposes of the county property tax only, in any county in which
authorized by the governing body of the county, an improved airplane landing strip
AIRCRAFT LANDING AREA may not be assessed to the owner of the real property on
which it is located if the landing strip AREA is:

(1)     located on privately owned land;

(2)     used by the public; and

(3)     licensed under Title 5 of the Transportation Article.

(B)     THE PROPERTY ELIGIBLE FOR AN EXEMPTION UNDER SUBSECTION (A)
OF THIS SECTION MAY INCLUDE AN APPROACH ZONE AND TAXIWAY.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1996, and shall be applicable to all taxable years beginning after June 30, 1996.

Approved May 23, 1996.

CHAPTER 657
(House Bill 1306)

AN ACT concerning

Limited liability Company Reform Act of 1996 Companies - Number of Required

Members Upon Dissolution

FOR the purpose of altering the requirement that a limited liability company be formed
by two or more persons by allowing formation by any person; allowing a limited
liability company to continue to carry on its business following dissolution if there is
at least one remaining member and the remaining member consents; clarifying the
manner of determining the fair market value of a person's interest in a limited
liability company for certain purposes; providing for the effect of an assignment,
pledge, or granting of an encumbrance in a member's interest in a limited liability
company on the member and assignee; repealing certain provisions relating to the
liability of members of limited liability companies who perform professional
services; providing that certain provisions limiting the personal liability of a member
of a limited liability company do not affect the liability of the member for certain
debts and obligations under certain circumstances; repealing certain limitations on
the authority of a member of a limited liability company; exempting certain limited
liability companies from the requirement to file a State income tax return; requiring
that the profit or loss of certain limited liability companies be reflected on the
income tax returns filed by the owners of the limited liability companies; exempting

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