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.
*sb0342*
SENATE BILL 342
Q1 4lr1530
CF HB 287
By: Senator McCray
Introduced and read first time: January 12, 2024
Assigned to: Budget and Taxation
Committee Report: Favorable with amendments
Senate action: Adopted
Read second time: February 7, 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
9–102. 20 2 SENATE BILL 342
(a) (1) In this section the following words have the meanings indicated. 1
(2) (i) “Assets” include: 2
1. real property; 3
2. cash; 4
3. savings accounts; 5
4. stocks; 6
5. bonds; and 7
6. any other investment. 8
(ii) “Assets” do not include: 9
1. the cash value of the life insurance policies on the life of 10
the renter; [or] 11
2. THE CASH VALUE OF AN Y QUALIFIED RETIREME NT 12
SAVINGS PLANS OR IND IVIDUAL RETIREMENT A CCOUNTS; OR 13
[2.] 3. tangible personal property. 14
(7) “Net worth” means the sum of the current market value of all assets, 15
less any outstanding liability. 16
(i) The property tax relief under this section may not be: 17
(1) more than $1,000; 18
(2) granted to any renter whose combined net worth exceeds $200,000 as 19
of December 31 of the calendar year for which the property tax relief is sought; 20
(3) granted to any renter whose dwelling is exempt from property tax; and 21
(4) granted if the credit under this section is less than $1 in any year. 22
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect June 23
1, 2024, and shall be applicable to all taxable years beginning after June 30, 2024. 24