§ 7-221.1. Personal property -- Property used in processing deposits or loans

   (a) Definitions. --

   (1) In this section the following words have the meanings indicated.

   (2) "Bank or trust company" means:

      (i) a commercial bank;

      (ii) a savings bank;

      (iii) a trust company; or

      (iv) a company that substantially competes with national banks in the State.

   (3) "Savings and loan association" means a savings and loan association that:

      (i) is organized under the laws of the State;

      (ii) is organized under the laws of another state and is admitted to do business in this State; or

      (iii) is organized under the laws of the United States and has an office in this State.

(b) General exemption. -- Except as provided in subsection (c) of this section, personal property is not subject to valuation or to property tax, if the personal property:

   (1) is owned by a bank or trust company or a savings and loan association and is used in connection with the processing of deposits or loans of the bank or trust company or savings and loan association;

   (2) is a computer program, as defined in § 11-225(a) of the Tax - General Article, or computer hardware; and

   (3) is not used in connection with word processing.

(c) Exception from exemption. -- The exemption under this section does not apply to any personal property that is leased, loaned, or made available by a bank or trust company or a savings and loan association for the use of a person that is not a bank or trust company or savings and loan association.

HISTORY: 1995, ch. 127, § 3; 2000, ch. 225, § 2.