Wednesday, April 07, 2010
Small Business Property Tax Semiannual Payment Bill Nearing Final Passage
The Maryland Senate is on the verge of passing 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 month.
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.
The legislation received the unanimous support of the Senate Budget & Taxation Committee and has passed second reading on the Senate floor. A vote on final passage could happen as early as tomorrow.
For more information, contact Ron Wineholt at .(JavaScript must be enabled to view this email address).
