July 2022 – On July 11, 2022, the Maryland State Department of Assessment and taxation announced the passing of HB268, officially increasing the amount of business personal property exemption from $2,500 to $20,000. The increased amount will take effect on tax years starting after June 30, 2022. This enactment is considered an extension of 2018’s HB90 which exempted over $10.8M in business personal property assessment for nearly 30,000 companies. HB268 will achieve savings for over 14,000 companies with business personal property paying on over $44M in assessment.
In addition, previously billed 2022 business personal property late return filing penalties are being revoked for returns reporting less than $20,000, and refunds are being issued to those who already paid penalties on renditions under that threshold. Starting in 2023, filers will be able to self-attest exemption status on their annual report eliminating the requirement to submit an annual business personal property return detailing those assets. To read the full article from The Hoffman Group, click here.