MD HB296

Repeals provisions that prohibited the State Department of Assessments and Taxation from collecting information or requiring personal property tax returns from businesses with property valued under $20,000

Maintains the existing exemption from personal property tax for business property with total original cost below $20,000, but now allows SDAT to require documentation

Applies to two categories: (1) individuals with business property at their principal residence, and (2) any person whose total statewide personal property cost is under $20,000

Takes effect June 1, 2025, applicable to taxable years beginning after June 30, 2025

Sponsored by Delegate Charkoudian; received favorable committee report with amendments from Ways and Means