Maryland Governor Signs Law Modifying Captive REIT Definition for Dividends Paid Income Tax Deduction Addback

The Maryland Governor May 8 signed a law modifying the definition of captive Real Estate Investment Trusts (REIT) for corporate income, individual income, and trust income tax purposes. The law includes measures: 1) excluding a corporation, trust, or association that is more than 50 percent owned or controlled by an entity organized as a trust in which a listed Australian property trust owns or controls, directly or indirectly, 75 percent or more of the voting power or value of the beneficial interests or shares of the trust from the definition of a captive REIT; 2) excluding a qualified foreign entity ...