HARRY HUGHES, Governor

471

(B) TRANSFER OF AGRICULTURAL LAND.

(1)  AN INSTRUMENT OF WRITING THAT TRANSFERS
AGRICULTURAL LAND THAT THE TRANSFEREE IS ACQUIRING FOR THE
PURPOSE OF MAINTAINING THE CHARACTER OF THE LAND AS AGRICULTURAL
LAND IS NOT SUBJECT TO THE TRANSFER TAX, IF THE TRANSFEREE:

(I)  IS EXEMPT FROM FEDERAL INCOME TAX UNDER §
501(C)(3) OF THE INTERNAL REVENUE CODE;

(II)  IS INCORPORATED, QUALIFIED, OR REGISTERED
TO DO BUSINESS IN THE STATE;

(III)  HAS AS ITS PRINCIPAL PURPOSE THE
PRESERVATION OF AGRICULTURAL LAND, INCLUDING THE TEMPORARY
OWNERSHIP OF AN INTEREST IN LAND FOR THE PURPOSE OF PRESERVING
THE CHARACTER OF THE LAND AS AGRICULTURAL LAND; AND

(IV)  HAS BEEN CERTIFIED BY THE DEPARTMENT AS
MEETING THE REQUIREMENTS OF THIS PARAGRAPH.

(2)  IF A TRANSFEREE NOTIFIES THE DEPARTMENT AT LEAST
7 DAYS BEFORE THE DATE OF TRANSFER OF PROPERTY TO THE TRANSFEREE,
THE DEPARTMENT SHALL NOTIFY, IN WRITING, THE CLERK OF THE CIRCUIT
COURT FOR THE COUNTY IN WHICH THE PROPERTY BEING TRANSFERRED IS
LOCATED OF THE NAME AND ADDRESS OF EACH TRANSFEREE THAT HAS BEEN
CERTIFIED UNDER PARAGRAPH (1) OF THIS SUBSECTION.

REVISOR'S NOTE: Subsection (a)(1), (2), (3), (9), and (10)
of this section is new language substituted for former
Art. 81, § 278A(b)(2), and the exemption provisions in
the first sentence of (a) and the reference to a lease
for a term of years above 7 years in the second
sentence of (a), and from the second sentence of §
277(t), as that sentence related to exemptions from
the transfer tax, and § 277B(e), as that subsection
related to the transfer tax. This substitution is
made to clarify the correlation between the exemptions
referred to in subsection (a) of this section and the
corresponding exemptions that appear in § 12-108 of
this article.

Subsection (a)(4) through (8) and (11) through (13) is
new language added to conform to current practice and
to the corresponding exemptions that appear in §
12-108 of this article. The General Assembly may wish
to consider these additions.

Subsection (b) of this section is new language derived
without substantive change from former Art. 81, §
278A(g).

In subsection (b) of this section, the word
"transferee" is substituted for the former word