Maryland Code, ECONOMIC DEVELOPMENT 10-129
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Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-129
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- including: means includes or including by way of illustration and not by way of limitation. See
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) Except as provided in subsection (b) of this section, the Corporation is exempt from any requirement to pay taxes or assessments on its properties or activities, or any revenue from its properties or activities.
(b) Property that the Corporation sells or leases to a private entity is subject to State and local real property taxes from the time of the sale or lease.
(c) The bonds of the Corporation, including the interest on the bonds, are forever exempt from all State and local taxes.