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PARRIS N. GLENDENING, Governor H.B. 338
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of the General Assembly on or before a certain date 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 LICENSED
OUT OF STATE OR FOREIGN 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:
1. The total purchase price, if verified by means of a certified
bill of sale approved by the Department, in which the actual price paid for the vessel
is stated; or
2. The valuation shown in a national publication of used
vessel values adopted by the Department if a certified bill of sale does not accompany
the application.
(3) "Used principally in this State" means that this State is the state of
principal use as defined in § 8-701(n) of this subtitle, except that in calculating where
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- 4413 -
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