Maryland 2023 Regular Session

Maryland House Bill HB965

Introduced
2/10/23  

Caption

Income Tax – Credit for Mold Remediation of Residential Rental Properties

Impact

The introduction of HB965 is seen as a significant move towards addressing issues related to mold in residential properties, which have implications on tenant health and safety. This bill could incentivize property owners to undertake much-needed remediation efforts that would enhance the living conditions for renters. By providing financial relief through tax credits, the bill signals a commitment to improving housing quality while also potentially boosting the real estate market for rentals by addressing underlying health concerns associated with mold exposure.

Summary

House Bill 965 proposes an income tax credit specifically targeting mold remediation costs incurred by owners of residential rental properties in Maryland. The bill aims to assist both single-family and multifamily property owners who face expenditures related to mold hazards. In order to take advantage of this tax credit, property owners must obtain a tax credit certificate from the Department of Housing and Community Development, thus ensuring regulatory oversight and proper documentation of qualified expenses. The maximum credit that a taxpayer can receive is capped at $10,000, with an aggregate yearly limit on credits issued set at $600,000.

Contention

Despite its positive intent, there may be points of contention surrounding HB965, particularly regarding the allocation of tax credits and the effectiveness of such programs in genuinely improving housing conditions. Critics may voice concerns over the limited funding available for the credits and whether the threshold for eligibility sufficiently covers the needs of all affected property owners. Furthermore, as the bill only provides tax credits for a defined timeframe, questions arise regarding its long-term sustainability and impact on regulatory practices in property management.

Companion Bills

No companion bills found.

Previously Filed As

MD HB361

Mold Inspections and Remediation - Standards, Reporting, Penalties, and Tax Credit

MD SB320

Mold Inspections and Remediation - Standards, Reporting, Penalties, and Tax Credit

MD AB919

Residential real property: sale of rental properties: right of first offer.

MD AB2710

Residential real property: sale of rental properties: right of first offer.

MD SB381

Residential rental properties: fees.

MD AB1703

Residential real property: sale of rental properties: right of first offer.

MD H1257

Property Tax Benefits for Residential Properties

MD SB908

Income Tax - Addition Modification - Interest for and Depreciation of Residential Rental Property

MD HB1580

Revenue and taxation; income tax credit; eligible energy efficient residential properties; effective date.

MD SB601

Relating to sale of residential rental properties.

Similar Bills

No similar bills found.