Terms Used In Maryland Code, LOCAL GOVERNMENT 1-1109

  • County: means a county of the State or Baltimore City. See
  • state: means :

    (1) a state, possession, territory, or commonwealth of the United States; or

    (2) the District of Columbia. See
(a) A bond, the transfer of a bond, the interest payable on a bond, the income derived from a bond, and the profit realized on the sale or exchange of a bond are exempt from State and local taxes.

(b) A county or municipality may issue bonds without regard to the federal tax status of the bonds.

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