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Ch. 118
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Martin O'Malley, Governor
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(c) (1) Except as provided in § 8-715(d) of this subtitle and in subsections
(e) and (f) of this section, and in addition to the fees prescribed in subsection (b) of this
section, an excise tax is levied at the rate of 5% of the fair market value of the vessel
on:
(i) The issuance of every original certificate of title required for
a vessel under this subtitle;
(ii) The issuance of every subsequent certificate of title for the
sale, resale, or transfer of the vessel;
(iii) The sale within the State of every other vessel; and
(iv) The possession within the State of a vessel used or to be
used principally in the State.
(2) Notwithstanding the provisions of this subsection, no tax is paid on
issuance of any certificate of title if the owner of the vessel for which a certificate of
title is sought was the owner of the vessel prior to June 1, 1965, or paid Maryland
sales and use tax on the vessel as required by law at the time of acquisition. The
Department may require the applicant for titling to submit satisfactory proof that the
applicant owned the vessel prior to June 1, 1965.
(e) A person is not required to pay the tax provided for in subsection (c) of
this section resulting from:
(1) A transfer between members of the immediate family as
determined by Department regulations;
(2) A transfer between members of the immediate family as
determined by Department regulations of a documented vessel for which the
transferor applied for and was issued a valid use sticker under § 8-712.1 of this
subtitle;
(3) A transfer to a licensed dealer of a vessel for resale, rental, or
leasing purposes;
(4) The holding of a vessel that is titled or numbered in another state
or is federally documented, provided:
(i) The vessel is held for resale or listed for resale by a licensed
dealer; and
(ii) The vessel owner signs an affidavit that there will be no use
of the vessel on the waters of the State other than for a sea trial;
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- 1089 -
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