1. (a) In this section, “family farm” means an entity that:

   1. (1) Is a domestic entity;

   2. (2)

      1. (i) 1. Owns, or within 1 year after filing articles of incorporation, articles of organization, or a certificate of partnership, will own or take control of property that qualifies for agricultural use assessment under § 8-209 of the Tax--Property Article; and

         1. 2. Owns only agriculturally or residentially assessed real property and personal property that is used for agricultural purposes; or
      2. (ii) Owns only personal property that is used for agricultural or agricultural marketing purposes;

   3. (3) Is controlled, managed, and operated by:

      1. (i) One individual who has an equity interest in the entity; or
      2. (ii) Two or more individuals who have an equity interest in the entity and who share its assets and earnings;
   4. (4) Is declared in a charter provision to be a family farm; and
   5. (5) Has no assets other than those described in item (2) of this subsection.
2. (b) Within 1 year after selling all of the property described in subsection (a)(2) of this section, an individual shall file a charter amendment stating that the entity is no longer a family farm.

Added by Acts 2006, c. 199, § 1, eff. Oct. 1, 2006.