3310

JOINT RESOLUTIONS

A House Joint Resolution concerning

Corporate Personal Property Tax Returns

Filing Dates

Business Personal Property Tax Study

FOR the purpose of requesting the Legislative Policy

Committee to request the House Appropriations Committee
to study and assess whether corporate personal property
returns should be filed annually on a staggered basis
rather than on the present fixed due date and to report
recommendations to the General Assembly by a certain
date.

FOR the purpose of requesting the Legislative Policy
Committee to request the House Committee on Ways and
Means to (1) assess the need to continue the present
tax upon business tangible personal property, and if
the Committee determines that the tax should continue,
then, (2) study a system for staggered filing of
business tangible personal property tax returns; and in
both instances, (3) report its findings and
recommendations to the General Assembly by a certain
date.

WHEREAS, At the present time, all business tangible
personal property is subject to a statewide personal
property tax; and

WHEREAS, Taxpayers who are subject to the business
tangible personal property tax can claim a credit (State
only) against their Maryland State income tax liability; and

WHEREAS, At the present time, all Maryland corporations
taxpayers who are subject to the tangible personal property
tax must file a personal property tax return no later than
April 15 of each year reflecting property on hand as of
January 1 of that year and remit the payment of the
applicable tax liability; and

WHEREAS, The Department of Assessments and Taxation
requires each corporation taxpayers who are subject to the
tangible personal property tax to furnish its their fiscal
year end balance sheets with the personal property return;
and

WHEREAS, The imposition of the tangible personal
property tax may result in an unnecessary burden on
taxpayers as well as an unnecessary use of private and State
resources; and

WHEREAS, Such returns personal property tax returns, if
necessary at all, could be prepared and filed immediately
after the end of the fiscal year rather than delaying the
preparation and filing until April 15; and