Maryland SB137 alters personal property tax exemptions for businesses with property valued under $20,000.

Maryland SB137 modifies the personal property tax exemptions for businesses with property valued under $20,000. The bill repeals provisions that prevent the State Department of Assessments and Taxation from collecting information or requiring a tax return from businesses qualifying for these exemptions. If a business attests to owning personal property with a total original cost of less than $20,000, the Department cannot collect personal property information or require a tax return. This change takes effect June 1, 2026.

Maryland SB137 alters personal property tax exemptions for businesses with property valued under $20,000.

Maryland SB137 modifies the personal property tax exemptions for businesses with property valued under $20,000. The bill repeals provisions that prevent the State Department of Assessments and Taxation from collecting information or requiring a tax return from businesses qualifying for these exemptions. If a business attests to owning personal property with a total original cost of less than $20,000, the Department cannot collect personal property information or require a tax return. This change takes effect June 1, 2026.