On Apr. 8, MD LEG enacted bill on low-income tax credit award notices
MD LEG enacted bill HB 585 (SB 598) on low–income housing tax credit awards.
The bill makes amendments to MD LEG 8-105(a) relating to property tax provisions.
Bill Provisions
Requires the Department of Housing and Community Development to notify, within 30 days of closing, that a commercial property has been awarded a low-income tax credit.
Notice on the tax credit award to the State Department of Assessments and Taxation.
Must be within 30 days of closing, execution and delivery of the regulatory agreement.
Provisions shall be applicable to all taxable years beginning after Jun. 30, 2025.
Legislative History
On Jan. 23, 2025, bill was introduced in House; on Mar. 11, 2025, bill passed in House.
On Mar. 12, 2025, bill was introduced in Senate; on Apr. 2, 2025, bill passed Senate.
On Apr. 8, 2025, bill was signed into law by the governor and assigned Chapter 67.
Effectiveness
Bill provisions take effect on Jun. 1, 2025; applicable to tax years after Jun. 30, 2025.
Regulators
MD LEG
Entity Types
Corp
Reference
Ch. 67, Bill HB0585, SB0598, 4/8/2025; Citation: MD LEG 8-105(a);
