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ATTENTION BUSINESS OWNERS IN MD

INFORMATION FOR BUSINESS OWNERS REGARDING MD ANNUAL CORPORATE FILING FEES

There has been a proposed change in the Maryland annual corporate filing fee. HB0691 proposes changing the current flat fee structure of $300/year to a graduated scale (ranging from $150 – $4000) based on taxable assets.

Maryland has introduced legislation to alter the Maryland Personal Property Return filing fee for returns to be filed in 2018. The proposed fee will be based on your taxable assets (not yet defined but assumed to be personal property) as of 12/31/2017. For business owners who own no personal property, their annual filing fee will decrease from $300 to $150. On the other spectrum, for those businesses that own $200,000 of taxable assets, their annual filing fee will increase from $300 to $4,000. Additionally, those businesses with taxable assets will still be assessed personal property tax on top of the increased filing fee. Please see below for an article discussing the legislation.

If you feel strongly for or against this legislation, we urge you to get in touch with your representatives, which can be found at mdelect.net and members of the House Economic Matters Committee.

MarylandReporter.com Article

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