§ 10-306.2. Captive REITs
West's Annotated Code of MarylandTax-GeneralEffective: July 1, 2023
Effective: July 1, 2023
MD Code, Tax - General, § 10-306.2
§ 10-306.2. Captive REITs
3. of which more than 50% of the voting power or value of the beneficial interests or shares, at any time during the last half of the taxable year, is owned or controlled, directly or indirectly, by a single entity that is subject to the provisions of Subchapter C of Chapter 1 of the Internal Revenue Code.
1. a corporation, trust, or association of which, at any time during which the corporation, trust, or association satisfies subparagraph (i)3 of this paragraph, more than 50% of the voting power or value of the beneficial interests or shares of the corporation, trust, or association is owned or controlled, directly or indirectly, by:
2. 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.
Credits
Added by Acts 2007, c. 583, § 1, eff. July 1, 2007; Acts 2007, c. 584, § 1, eff. July 1, 2007. Amended by Acts 2023, c. 478, § 1, eff. July 1, 2023.
MD Code, Tax - General, § 10-306.2, MD TAX GENERAL § 10-306.2
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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