Bill
Bill > HB294
summary
Introduced
01/14/2026
01/14/2026
In Committee
01/14/2026
01/14/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
Altering exemptions from the personal property tax for business personal property that has a total original cost below $20,000 by repealing provisions of law that prohibit the State Department of Assessments and Taxation from collecting information or requiring the submission of a personal property tax return from certain businesses that qualify for the exemptions; and applying the Act to all taxable years beginning after June 30, 2026.
AI Summary
This bill alters existing Maryland law regarding exemptions from personal property tax for individuals with low-value business assets. Specifically, it removes provisions that previously exempted personal property used in a business located at an individual's principal residence if the total original cost of that property was less than $20,000, and also removes the broader exemption for any person whose total personal property statewide had an original cost of less than $20,000. The bill also eliminates the corresponding stipulations that prevented the Department of Assessments and Taxation (often referred to as the "Department") from collecting personal property information or requiring tax returns from individuals who attested to owning less than $20,000 in original cost personal property. These changes are set to take effect on June 1, 2026, and will apply to tax years beginning after June 30, 2026.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Ways and Means (House)
Last Action
House Ways and Means Hearing (14:00:00 1/27/2026 ) (on 01/27/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0294?ys=2026RS |
| BillText | https://mgaleg.maryland.gov/2026RS/bills/hb/hb0294f.pdf |
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