The IDOT Study Group recently established by the State Department of Assessments and Taxation(SDAT) held its first meeting on July 25 to discuss the groups objectives and plan for proceeding. As previously reported on Conduit Street, the workgroup, which is required by Senate Bill 1302 of the 2012 special session, State and Local Revenue and Financing Act of 2012, will examine:
- The expected tax revenues to be collected for local governments;
- The impacts of the tax, if any, on the forms, volume, and value of commercial real estate transactions in urban, suburban, and rural areas of the State and on the overall commercial real estate market in the State; and,
- The impacts of the tax, if any, on residential real estate transactions.
Most of the group’s discussion focused on the need to gather data from local governments and banking institutions to determine the effects of imposing the recordation tax on these types of transactions. The workgroup will be developing surveys to collect this data.
Although the workgroup does not plan to provide the opportunity for public comment at one of its meetings, public comments will be solicited through SDAT’s website and information should be placed there in the near future.
The Workgroup plans to hold its next meeting on August 22 at 2:00 p.m. in Room L-2 Conference Room, 201 W. Preston St., Baltimore, MD.