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Ch. 185
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2000 LAWS OF MARYLAND
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AFFILIATE (WITHIN THE MEANING OF § 13-701(T) OF THE FINANCIAL INSTITUTIONS
ARTICLE), THE FULL AMOUNT OF SUCH CREDIT THAT IS TRANSFERRED TO ANY
INDIVIDUAL, CORPORATION, PARTNERSHIP, LIMITED LIABILITY COMPANY, OR
OTHER ENTITY (A "TRANSFEREE") UNDER § 13-708(A)(18) OF THE FINANCIAL
INSTITUTIONS ARTICLE SHALL BE ALLOWED AS A CREDIT AGAINST THE TAX
IMPOSED UNDER THIS SUBTITLE ON THE TRANSFEREE OR, IN THE CASE OF A
TRANSFEREE TREATED AS A PARTNERSHIP FOR INCOME TAX PURPOSES, AGAINST
THE TAX IMPOSED UNDER THIS SUBTITLE UPON THE DIRECT OR INDIRECT
PARTNERS, MEMBERS, OR OTHER EQUITY OWNERS OF THE TRANSFEREE IN
PROPORTION TO THEIR RESPECTIVE INTERESTS IN THE TRANSFEREE.
Article-Tax-General
8-208.1.
(A) A financial institution may claim a credit against the financial institution
franchise tax for a certified rehabilitation as provided under Article 83B, § 5-801 of
the Code.
(B) IN THE CASE OF ANY CREDIT UNDER SUBSECTION (A) OF THIS SECTION
THAT IS EARNED BY THE MARYLAND STADIUM AUTHORITY OR ANY AUTHORITY
AFFILIATE (WITHIN THE MEANING OF § 13-701(T) OF THE FINANCIAL INSTITUTIONS
ARTICLE), THE FULL AMOUNT OF SUCH CREDIT THAT IS TRANSFERRED TO ANY
INDIVIDUAL, CORPORATION, PARTNERSHIP, LIMITED LIABILITY COMPANY, OR
OTHER ENTITY (A "TRANSFEREE") UNDER § 13-708(A)(18) OF THE FINANCIAL
INSTITUTIONS ARTICLE SHALL BE ALLOWED AS A CREDIT AGAINST THE FINANCIAL
INSTITUTION'S FRANCHISE TAX IMPOSED ON THE TRANSFEREE OR, IN THE CASE OF
A TRANSFEREE TREATED AS A PARTNERSHIP FOR INCOME TAX PURPOSES, AGAINST
THE FINANCIAL INSTITUTION'S FRANCHISE TAX IMPOSED UPON THE DIRECT OR
INDIRECT PARTNERS, MEMBERS, OR OTHER EQUITY OWNERS OF THE TRANSFEREE
IN PROPORTION TO THEIR RESPECTIVE INTERESTS IN THE TRANSFEREE.
8-406.1.
A public service company may claim a credit against the public service
company franchise tax for a certified rehabilitation as provided under Article 83B, §
5-801 of the Code.
(B) IN THE CASE OF ANY CREDIT UNDER SUBSECTION (A) OF THIS SECTION
THAT IS EARNED BY THE MARYLAND STADIUM AUTHORITY OR ANY AUTHORITY
AFFILIATE (WITHIN THE MEANING OF § 13-701(T) OF THE FINANCIAL INSTITUTIONS
ARTICLE), THE FULL AMOUNT OF SUCH CREDIT THAT IS TRANSFERRED TO ANY
INDIVIDUAL, CORPORATION, PARTNERSHIP, LIMITED LIABILITY COMPANY, OR
OTHER ENTITY (A "TRANSFEREE") UNDER § 13-708(A)(18) OF THE FINANCIAL
INSTITUTIONS ARTICLE SHALL BE ALLOWED AS A CREDIT AGAINST THE PUBLIC
SERVICE COMPANY FRANCHISE TAX IMPOSED ON THE TRANSFEREE OR, IN THE CASE
OF A TRANSFEREE TREATED AS A PARTNERSHIP FOR INCOME TAX PURPOSES,
AGAINST THE PUBLIC SERVICE COMPANY FRANCHISE TAX IMPOSED UPON THE
DIRECT OR INDIRECT PARTNERS, MEMBERS, OR OTHER EQUITY OWNERS OF THE
TRANSFEREE IN PROPORTION TO THEIR RESPECTIVE INTERESTS IN THE
TRANSFEREE.
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- 920 -
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