Maryland § 24-524
Full text of Maryland Maryland Code § 24-524, with citation guidance and answers to common questions.
§ 24-524.
(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.
(2) The Commission may not issue tax–exempt private activity bonds that require a volume cap allocation under provisions of the Internal Revenue Code.
Frequently Asked Questions About Maryland § 24-524
What does Maryland Code § 24-524 cover?
Section 24-524 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 24-524?
A common citation format is "Maryland Code § 24-524" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 24-524 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.