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2007 Laws of Maryland
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Ch. 584
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CHAPTER 584
(House Bill 1257)
AN ACT concerning
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
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