Maryland Code, ECONOMIC DEVELOPMENT 11-418
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Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 11-418
- 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.
- 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
- 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 any taxes or assessments on its properties, 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 property taxes from the time of the sale or lease.