Maryland HB1238 imposes a one-time wealth tax on ultra-high-net-worth individuals to address the state's structural budget deficit and stabilize.

Maryland HB1238 introduces a one-time wealth tax on residents with a net worth exceeding $1 billion, aiming to stabilize the state's fiscal outlook. The tax applies to assets including publicly traded securities, privately held business interests, real property, trusts, tangible personal property, and intellectual property. The tax rate varies from 3% to 6% based on the amount by which an individual's net worth exceeds specified thresholds.

Maryland HB1238 imposes a one-time wealth tax on ultra-high-net-worth individuals to address the state's structural budget deficit and stabilize.

Maryland HB1238 introduces a one-time wealth tax on residents with a net worth exceeding $1 billion, aiming to stabilize the state's fiscal outlook. The tax applies to assets including publicly traded securities, privately held business interests, real property, trusts, tangible personal property, and intellectual property. The tax rate varies from 3% to 6% based on the amount by which an individual's net worth exceeds specified thresholds.