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§ 19-908. Exemptions

West's Annotated Code of MarylandLocal GovernmentEffective: October 1, 2013

West's Annotated Code of Maryland
Local Government (Refs & Annos)
Division IV. Local Finance [Titles 16-23] (Refs & Annos)
Title 19. Public Debt (Refs & Annos)
Subtitle 9. Pension Liability Funding Bonds (Refs & Annos)
Effective: October 1, 2013
MD Code, Local Government, § 19-908
Formerly cited as MD CODE, Art. 31, § 32
§ 19-908. Exemptions
Currentness
Assets exempt from State and local taxes
(a) Pension liability funding bonds, the transfer of the bonds, the interest payable on the bonds, and any income derived from the bonds, including any profit realized in the sale and exchange of the bonds, are exempt from State and local taxes.
Bonds on which interest is not excludable from gross income
(b) This subtitle does not prevent a county or municipality from authorizing the issuance and sale of pension liability funding bonds, the interest on which is not excludable from gross income for federal income tax purposes.

Credits

Added by Acts 2013, c. 119, § 2, eff. Oct. 1, 2013.
MD Code, Local Government, § 19-908, MD LOCAL GOVT § 19-908
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.
End of Document