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Martin O'Malley, Governor
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Ch. 584
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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:
(I) A CORPORATION, TRUST, OR ASSOCIATION MORE THAN
50% OF THE VOTING POWER OR VALUE OF THE BENEFICIAL INTERESTS OR
SHARES OF WHICH, AT ANY TIME DURING WHICH THE CORPORATION, TRUST, OR
ASSOCIATION SATISFIES ITEM (1)(III) OF THIS SUBSECTION, IS OWNED OR
CONTROLLED, DIRECTLY OR INDIRECTLY, BY:
(I) 1. A REAL ESTATE INVESTMENT TRUST OTHER THAN A
REAL ESTATE INVESTMENT TRUST DESCRIBED IN ITEM (1) OF THIS
SUBSECTION; OR
(II) A QUALIFIED REAL ESTATE INVESTMENT TRUST
SUBSIDIARY UNDER § 856(I) OF THE INTERNAL REVENUE CODE.
2. A PERSON EXEMPT FROM TAXATION UNDER § 501
OF THE INTERNAL REVENUE CODE; OR
3. A LISTED AUSTRALIAN PROPERTY TRUST; OR
(II) SUBJECT TO REGULATIONS THAT THE COMPTROLLER
ADOPTS, A REAL ESTATE INVESTMENT TRUST THAT IS INTENDED TO BECOME
REGULARLY TRADED ON AN ESTABLISHED SECURITIES MARKET AND THAT
SATISFIES THE REQUIREMENTS OF § 856(A)(5) AND (6) OF THE INTERNAL
REVENUE CODE BY REASON OF § 856(H)(2) OF THE INTERNAL REVENUE CODE.
(B) IN ADDITION TO THE MODIFICATIONS UNDER §§ 10-305 THROUGH
10-306.1 OF THIS SUBTITLE, AN AMOUNT EQUAL TO THE AMOUNT OF THE
DIVIDENDS PAID DEDUCTION ALLOWED UNDER THE INTERNAL REVENUE CODE
FOR THE TAXABLE YEAR IS ADDED TO FEDERAL TAXABLE INCOME TO
DETERMINE THE MARYLAND MODIFIED INCOME OF A CAPTIVE REIT.
(C) FOR PURPOSES OF THIS SECTION, THE CONSTRUCTIVE OWNERSHIP
RULES PRESCRIBED UNDER § 318(A) OF THE INTERNAL REVENUE CODE, AS
MODIFIED BY § 856(D)(5) OF THE INTERNAL REVENUE CODE, SHALL APPLY IN
DETERMINING THE OWNERSHIP OF STOCK, ASSETS, OR NET PROFITS OF ANY
PERSON.
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- 3779 -
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