SDAT Extends Business Filings Deadline to July 15

The Maryland Department of Assessments and Taxation (SDAT) today announced that the 2020 deadline to submit Annual Reports and Personal Property Tax Returns will be automatically extended to July 15 as part of the Hogan administration’s response to the COVID-19 pandemic. Expiration dates for trade names and name reservations, as well as entity forfeiture dates, will also be extended to 30 days after the state of emergency is rescinded in accordance with Governor Hogan’s executive…

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Comptroller Warns of Stimulus Check Scams

Since Congress passed the Coronavirus Aid, Relief, and Economic Security Act also known as the CARES Act, taxpayers have been expecting relief in the form of stimulus checks. Comptroller Peter Franchot today issued a statement warning the public of scammers attempting to exploit the COVID-19 crisis and gain taxpayer financial information by pretending it is needed to process stimulus checks. The Comptroller's Office reminds taxpayers not to share personal information online or over the phone.…

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Tax Provision in COVID Bill May Carry State/County Revenue Losses

A provision included in the massive COVID response legislation moving through Congress offers a new tax write-off for investors, and may reduce tax bases for states (and for Maryland counties). In the high-profile CARES bill accelerated through the U.S. Senate and pending House agreement (as of this writing), a provision amidst the many stimulus offerings is a structural change to the basis for taxing investment income. From a discussion in the New York Times: Senate…

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Feds Reach Deal on $2 Trillion Stimulus Package: What It Means for Counties

The U.S. Senate today is expected to pass a massive $2 trillion stimulus package designed to keep the economy afloat amid the deepening COVID-19 pandemic. The U.S. House is likely to take quick action on the Senate bill and send it to President Trump for swift enactment. The bill includes $150 billion for state and local stimulus funds; $500 billion lending fund for industries, local governments, and states; $367 billion for small business loans; $130…

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A Look at 2019 State Annual Personal Income
Courtesy of the U.S. Bureau of Economic Analysis
A Look at 2019 State Annual Personal Income

Without question, the economic shock from the COVID-19 pandemic has been sudden and unprecedented. In the span of just a couple weeks, restaurants and non-essential businesses have been shut down statewide and consumer spending on non-emergency items has plummeted. The full effect of these impacts will not be known for some time, but it is clear they will be meaningful. Looking back to 2019, across the United States, state personal income increased by 4.4 percent…

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2020 End of Session Wrap-Up: Taxes and Revenues

The segments below provide a brief overview of MACo’s work in the area of tax policy in the 2020 General Assembly.  The General Assembly routinely considers proposals to change tax structures, often seeking to stimulate economic growth, encourage beneficial activities, or attract and retain residents. These proposals often are focused exclusively on the state’s tax structure, but sometimes extend to local revenues as well. In general, MACo stands for local self-determination. Counties, led by their…

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SDAT Filing Process During COVID-19 Outbreak

The Maryland State Department of Assessments and Taxation (SDAT) is adjusting its operating procedures amid the coronavirus pandemic. For filings that are unable to be completed online, SDAT is currently working on a plan for arranging appointments and/or scheduling times for the drop-off of documents and filings. According to JD Supra: Currently, SDAT is closed to the public and that is unlikely to change soon. If SDAT is able to arrange appointments or some form…

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General Assembly Grants Counties Flexibility to Incentivize High Tech Investment

The General Assembly today passed SB 397 - Sales and Use Tax and Personal Property Tax - Exemptions - Data Centers. This bill enables tax incentives to increase Maryland’s competitiveness as a host of data centers by authorizing local governments to reduce or eliminate assessments for their personal property, and providing a sales and use tax exemption for the sale of specified equipment for use at these facilities. The technology sector is driving tremendous demands…

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