March 2, 2015 - GOVERNOR HOGAN'S PROPOSAL FOR SMALL BUSINESS TAX RELIEF RECEIVES NO SUPPORT

Monday, March 2

At the request of Governor Larry Hogan, HB480 / SB590, Small Business Personal Property Tax Relief Act of 2015, has been introduced in the General Assembly.  The bill would exempt all businesses with personal property of $10,000 or less from the personal property tax, annual personal property filing, and all fees.  The cost of completing the forms out and the filing fees are often greater than the individual taxes that are collect by the County or municipality. The bill also provides that the State would reimburse the County or local jurisdictions for any revenues lost as a result of this exemption.   The Governor believes that this bill is "a first, but important, step in recognizing the critical role small businesses play in creating jobs and growing our state's economy."  The House Bill was heard last week in the Ways & Means Committee.  The Senate Bill will be heard at 1 p.m. on March 10 in the Budget & Taxation Committee.  GSSCC plans to weigh in to support this bill.  Unfortunately, not a single Montgomery County Senator or Delegate has signed on as a co-sponsor.  Members who would like to urge their elected officials to support this bill should contact their Delegates and Senators. Contact the Chamber for details.