EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
Underlining indicates amendments to bill.
Strike out indicates matter stricken from the bill by amendment or deleted from the law by
amendment.
*hb0287*
HOUSE BILL 287
Q1 4lr1609
CF SB 342
By: Delegate Charkoudian Delegates Charkoudian, Attar, Ebersole, Fair,
Feldmark, Grossman, Henson, Hornberger, R. Long, Mireku–North,
Palakovich Carr, Roberts, Vogel, Wells, Wilkins, Wims, Wu, and Young
Introduced and read first time: January 12, 2024
Assigned to: Ways and Means
Committee Report: Favorable with amendments
House action: Adopted
Read second time: February 20, 2024
CHAPTER ______
AN ACT concerning 1
Tax Credits – Homeowners and Renters – Income Calculation 2
Property Tax – Renters’ Property Tax Relief Program – Assets Calculation 3
FOR the purpose of excluding certain items from the definition of “assets” for purposes of 4
certain property tax relief provided to certain renters; and generally relating to the 5
renters’ property tax relief program. 6
BY repealing and reenacting, without amendments, 7
Article – Tax – Property 8
Section 9–102(a)(1) and (7) and (i) 9
Annotated Code of Maryland 10
(2019 Replacement Volume and 2023 Supplement) 11
BY repealing and reenacting, with amendments, 12
Article – Tax – Property 13
Section 9–102(a)(2) 14
Annotated Code of Maryland 15
(2019 Replacement Volume and 2023 Supplement) 16
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 17
That the Laws of Maryland read as follows: 18
Article – Tax – Property 19 2 HOUSE BILL 287
9–102. 1
(a) (1) In this section the following words have the meanings indicated. 2
(2) (i) “Assets” include: 3
1. real property; 4
2. cash; 5
3. savings accounts; 6
4. stocks; 7
5. bonds; and 8
6. any other investment. 9
(ii) “Assets” do not include: 10
1. the cash value of the life insurance policies on the life of 11
the renter; [or] 12
2. THE CASH VALUE OF ANY QUALIFI ED RETIREMENT 13
SAVINGS PLANS OR IND IVIDUAL RETIREMENT A CCOUNTS; OR 14
[2.] 3. tangible personal property. 15
(7) “Net worth” means the sum of the current market value of all assets, 16
less any outstanding liability. 17
(i) The property tax relief under this section may not be: 18
(1) more than $1,000; 19
(2) granted to any renter whose combined net worth exceeds $200,000 as 20
of December 31 of the calendar year for which the property tax relief is sought; 21
(3) granted to any renter whose dwelling is exempt from property tax; and 22
(4) granted if the credit under this section is less than $1 in any year. 23
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect June 24
1, 2024, and shall be applicable to all taxable years beginning after June 30, 2024. 25