Gov. Hogan Announces Small Business Personal Property Tax Relief Act of 2015

Speaking this morning, before the members of the National Federation of Independent Business (NFIB), Governor Hogan backed up his commitment to making Maryland a more business friendly state by announcing House Bill 480, the Small Business Personal Property Tax relief Act of 2015. This legislation will eliminate the personal property income tax for businesses have have less than $10,000 in personal property.

Governor Hogan states, the current legislation is a “burdensome tax” making things hard for the creation of new businesses and driving existing business away from Maryland. He says, “This is a firs, but important step in recognizing the critical role small businesses play in creating jobs and growing our state’s economy.”

NFIB Maryland State Director, Jessica Cooper, said, “The Personal Property Tax creates a disincentive for businesses to invest in capital and equipment required for their day to day operations. Today’s legislation is a step in the right direction to providing tax relief for Maryland employers.”

President of the Maryland Chamber of Commerce, Brien Poffenberger states, “The Maryland Chamber of Commerce is committed to creating an environment where small businesses can grow and prosper… We are excited about this and other efforts that governor Hogan is championing as part of his commitment to make Maryland more business friendly.”

One-half, or more than 70,000 of all Maryland’s businesses would benefit if this legislation were to pass. The full text of this legislation can be found here: HB480.