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Ch. 276
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2000 LAWS OF MARYLAND
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CHAPTER 276
(Senate Bill 407)
AN ACT concerning
Natural Resources - Boat Excise Tax - Certificate of Title
FOR the purpose of altering the definition of "fair market value" under the boat excise
tax to eliminate the requirement that a licensed dealer take title to a used vessel
that is traded in as part of the consideration for the sale of a new vessel in order
to qualify for a certain exclusion from the computation of the boat excise tax
under certain circumstances; altering the definition of "fair market value" as to
the sale of a vessel by a dealer licensed by another state or a foreign country;
and generally relating to the elimination of certain requirements associated
with qualifying for a certain exclusion from the computation of the boat excise
tax under certain circumstances for the value of a trade-in vessel.
BY repealing and reenacting, with amendments,
Article - Natural Resources
Section 8-716(a)
Annotated Code of Maryland
(1990 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Natural Resources
8-716.
(a) (1) In this section the following words have the meanings indicated.
(2) "Fair market value" means:
(i) As to the sale of any vessel by a licensed dealer OR A DEALER
LICENSED BY ANOTHER STATE OR A FOREIGN COUNTRY, the total purchase price, as
certified by the dealer on a form acceptable to the Department, less the value of any
vessel that is traded in as part of the consideration for the sale [and to which the
dealer takes title], which trade-in value may not exceed the value for the trade-in
vessel as shown in a national publication of used vessel values adopted by the
Department;
(ii) As to any other vessel that is sold by any person other than a
licensed dealer, the greater of:
1. The total purchase price; or
2. $100; or
(iii) As to any other vessel that is sold by any person other than a
licensed dealer, either:
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