Last month, in continued efforts to make Maryland friendly to business, Maryland Governor Larry Hogan announced legislation to eliminate the filing fee for businesses that submit their annual reporting online. This would put Maryland in the unique position of being the first state in the country to provide a no-fee option for yearly filing of annual reports. Next Tuesday, February 8th, the Senate Budget and Taxation Committee will hold a hearing on the bill.
What would this legislation mean for you?
If you have a corporation, LLC, or another legal entity that has annual filing requirements with the Maryland State Department of Assessments and Taxation (SDAT), you could be saving $300 annually (or, if you’re a family farm, $100) by using the online filing system on Maryland Business Express.
This legislation will motivate the over 460,000 businesses in good standing with Maryland to file online their yearly reporting, after the State implemented 15 new online filing services since the beginning of the pandemic.
