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2007 Laws of Maryland
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Ch. 583
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Income Tax - Captive Real Estate Investment Trusts
FOR the purpose of requiring that a certain deduction for dividends paid be added to
federal taxable income to determine Maryland modified income of certain real
estate investment trusts for Maryland income tax purposes; defining a certain
term; providing for the application of this Act; and generally relating to a
Maryland income tax addition modification in the amount of the dividends paid
deduction for certain real estate investment trusts.
BY adding to
Article - Tax - General
Section 10-306.2
Annotated Code of Maryland
(2004 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
10-306.2.
(A) IN THIS SECTION,:
(1) "CAPTIVE REIT" MEANS A CORPORATION, TRUST, OR
ASSOCIATION:
(1) (I) THAT IS CONSIDERED A REAL ESTATE INVESTMENT
TRUST FOR THE TAXABLE YEAR UNDER § 856 OF THE INTERNAL REVENUE
CODE;
(2) (II) THAT IS NOT PUBLICLY TRADED REGULARLY TRADED
ON AN ESTABLISHED SECURITIES MARKET; AND
(3) (III) MORE THAN 50% OF THE VOTING POWER OR VALUE OF
THE BENEFICIAL INTERESTS OR SHARES OF WHICH ARE, AT ANY TIME DURING
THE LAST HALF OF THE TAXABLE YEAR, IS OWNED OR CONTROLLED, DIRECTLY
OR INDIRECTLY, BY A SINGLE PERSON OTHER THAN: ENTITY THAT IS SUBJECT
TO THE PROVISIONS OF SUBCHAPTER C OF CHAPTER 1 OF THE INTERNAL
REVENUE CODE; AND
(2) "CAPTIVE REIT" DOES NOT INCLUDE:
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