A Maryland lawmaker is vying for the state to reimburse personal property taxes to businesses reeling from the pandemic, though the refund could cost the state an estimated $365 million.
Last year, Maryland businesses paid an average of $2,860 in these property taxes, which include physical assets that businesses need to operate — like refrigerators at restaurants and swivel chairs at barber shops.
More than 126,000 Maryland businesses filed a personal property tax return in 2020, according to a legislative analysis, and Del. Kevin Hornberger, R–Cecil, said his bill, HB1257, will keep small businesses that are on the brink of collapse from shuttering.
In its letter to the committee, the Maryland Chamber of Commerce, a statewide coalition that lobbies for business interests, expressed support for the bill, calling the reimbursements “an aggressive approach” to helping small businesses outlast the pandemic
In a similar letter, the Maryland Retailers Association supported the bill for the “enormous difference” it could make for struggling businesses.