Maryland House Bill HB293

Maryland 2023 Regular Session

• Introduced: 1/25/23
• Refer: 1/25/23

Caption

Corporations and Associations – Annual Report Filing Fees – Electronic Filing Exemption

Impact

If enacted, HB293 is expected to significantly alter the financial obligations of businesses in Maryland concerning annual report submissions. The waiver of fees for electronic filings could lower operating costs for many entities, particularly small businesses and startups. This move is likely to encourage more businesses to utilize electronic methods for filing, which can enhance efficiency and compliance rates. Moreover, waiving fees could serve as an incentive for businesses that may hesitate to file due to cost concerns.

Summary

House Bill 293 aims to amend the fees related to the filing of annual reports by business entities in Maryland. The primary provision of the bill requires the State Department of Assessments and Taxation to waive the filing fees for annual reports submitted electronically by certain business entities. This initiative seeks to encourage online filing, streamlining the reporting process and potentially reducing administrative burdens on businesses operating within the state.

Contention

While there appears to be broad support for the bill from business advocacy groups, potential contention may arise regarding its implementation and the specific criteria for determining which business entities qualify for the fee waiver. Critics may raise questions about the impact on state revenue from reduced filing fees and whether the anticipated benefits of increased electronic filing will be realized. Furthermore, ongoing oversight will be necessary to ensure that this change effectively supports the intended business community without inadvertently complicating the filing process.