SDAT Increases Business Personal Property Exemption
The Maryland State Department of Assessments and Taxation (SDAT) recently raised the exemption for all Maryland businesses on personal property assessment from $2,500 to $20,000.
HB268 took effect on June 1, 2022 and will save Maryland businesses from paying over forty million dollars in assessments. This legislation also prevents the SDAT from the collection of property information or requiring qualifying businesses to submit a personal property tax return.
SDAT Director Michael Higgins said that, “Thanks to these legislative efforts, 42,000 of Maryland’s smallest businesses will not have to pay taxes on $55 million in assessment.”
HB268 will be effective for tax years beginning after June 30, 2022. Any assessments submitted from January 1 to June 30, 2022 will be automatically adjusted by the SDAT. In addition, businesses that reported less than $20,000 on 2022 personal property returns and paid a penalty will be mailed a refund check.
“The department remains committed to playing a role in reducing taxes, supporting businesses and changing Maryland for the better,” said Higgins.
For a free, confidential conversation to discuss your business’s tax returns, and other Maryland business formation laws and considerations, contact Maryland business lawyer Stephen J. Reichert at 410-299-4959, sreichert@reichertlegal.com or by clicking here.
Day, evening and weekend appointments are available in office or at your residence. Mr. Reichert personally serves clients in Baltimore, Baltimore County, Anne Arundel County, Howard County, Carroll County, Harford County, Frederick County, Montgomery County and throughout most of Maryland. Stephen looks forward to assisting you with your Maryland business law needs.
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- Posted by reichertlegal
- Posted in Business Formation Attorney Baltimore Maryland, Business Formation Attorney Columbia Maryland, Business Formation Attorney Ellicott City, Business Law Attorney Maryland, Business Law Baltimore, Business Law Maryland, Business Law Maryland C Corp, Business Law Maryland LLC, Uncategorized
- Jul, 12, 2022
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