Wednesday, March 31, 2010
Momentum Building for Small Business Property Tax Semiannual Payment Bill
Momentum is building to enact legislation that would allow small business owners with a tax bill of less than $50,000 to pay their real property taxes in two installments beginning next year. The legislation, HB 484, passed the House of Delegates 138-0 last week. The bill crossed over to the Senate and was heard by the Senate Budget and Taxation Committee this afternoon.
Maryland Chamber Vice President of Government Affairs Ron Wineholt encouraged the Budget and Taxation Committee to support the bill during today’s hearing. A number of committee members co-sponsored similar legislation, so we are hopeful the committee will act swiftly.
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 businesses would be helpful.
