§ 24-524. Income from bonds exempt from State taxation
West's Annotated Code of MarylandEducationEffective: April 14, 2009
Effective: April 14, 2009
MD Code, Education, § 24-524
§ 24-524. Income from bonds exempt from State taxation
(a) The bonds of the Commission, their transfer, the interest payable on them, and any income derived from them, including any profit realized in their sale or exchange, are exempt at all times from every kind of taxation by this State or by any of its political subdivisions, municipal corporations, or public agencies.
(b)(1) Subject to paragraph (2) of this subsection, the bonds of the Commission may be, but are not required to be, issued in conformance with any applicable provisions of the Internal Revenue Code of the United States in order that the interest payable thereon shall be excludable from federal gross income.
Credits
Added by Acts 1997, c. 583, § 1, eff. July 1, 1997. Amended by Acts 2009, c. 60, § 1, eff. April 14, 2009.
MD Code, Education, § 24-524, MD EDUC § 24-524
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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