Wednesday, March 03, 2010
Chamber Supports Bill to Allow Small Businesses to Pay Property Taxes in 2 Payments
The House Ways & Means Committee heard legislation last week that would give many small businesses the option to pay their property taxes in two installments. Maryland Chamber Vice President of Government Affairs Ron Wineholt urged the committee to support the bill.
“Many small businesses are experiencing difficult cash flow problems as sales decrease and customers disappear. Allowing small business owners to pay their property taxes in two installments, just like homeowners, could be a significant help to some businesses.”
Since 1995, homeowners have had the option to pay their real property taxes in two installments - one half by September 30 and one-half by December 31. The General assembly provided this payment plan option to homeowners recognizing that some property owners had difficulty paying their taxes in one lump sum. More than 30 states allow all real property owners to pay their property taxes in installments. In these tough economic times, the Maryland Chamber of Commerce believes extending the semiannual payment option to small businesses would make a lot of sense.
The bill, HB 484, would allow owners of commercial real property with an annual property tax bill of less than $50,000 to pay their property tax in semiannual payments. Last year, the bill died without a vote in the Ways & Means Committee. This year, it’s back, with broad bipartisan support and 20 additional sponsors.
We’d like to know what you think about it. Would this option be helpful for your business? Give us your feedback by completing the poll below or contacting Ron Wineholt at .(JavaScript must be enabled to view this email address).
