Entitled: Corporations and Associations - Annual Reports - Fees
Sponsored by:
Delegate Adams
Status: In the House - Hearing 3/08 at 1:00 p.m.
Summary
Documents
History
Synopsis: Altering the fee that specified business entities must pay for filing a required annual report with the State Department of Assessments and Taxation; and applying the Act prospectively.
Analysis: Not available at this time
All Sponsors: Delegates Adams, Kittleman, Krebs, Malone, Mautz, and McComas
Additional Facts: Bill File Type: Regular
Effective Date(s): October 1, 2017
Committee(s):
Economic Matters
Broad Subject(s): Corporations and Associations
Narrow Subject(s): Assessments and Taxation, Department of
Associations -see also- Cooperative Associations
Commerce and Business -see also- Dealers; Elec. Comm.; etc.
Corporations -see also- Municipal Corps; Public Corps & Inst
Fees -see also- Attys' Fees; Devt Fees & Taxes; Reimb Rates
Reports
Statutes: Article - Corporations and Associations
(1-203)
How a Bill Becomes Law
Legislative Lingo
Explanation of Floor Motions and Actions
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Why is there any fee at all if it's a required filing? This is like the IRS and the State charging me an extra fee to file my yearly tax form. Was there already a fee for this? If so, it should be repealed totally.
ReplyDeleteThe annual fee is essentially to keep your corporation or LLC active in Maryland. The SDAT website does provide information to the public that is useful, based on these forms. This bill would reduce the annual fees for those businesses whose gross sales were less than $300,000 in the previous year. It provides a little relief to them, up to $300 a year.
ReplyDeleteThe form is also for businesses to report personal property used in business in Maryland, which is nominally taxed. It's a sore point since the personal property was subject to sales tax at purchase, but it's not a lot of money.
It dosent say their lowering it...it say's alter...expect an increase
ReplyDeleteAgain, why is there a fee at all?? this state is crazy! It doesn't cost a paper pusher in Baltimore or Annapolis $300 a year to verify that an LLC, or sub-s is still in business!
ReplyDelete