Maryland 2024 Regular Session

Maryland Senate Bill SB342 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	WES MOORE, Governor Ch. 899
2	1
3		-	– 1 –
4		-	Chapter 899
5		-	(Senate Bill 342)
6	2
7		-	AN ACT concerning
	3	+	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
	4	+	[Brackets] indicate matter deleted from existing law.
	5	+	Underlining indicates amendments to bill.
	6	+	Strike out indicates matter stricken from the bill by amendment or deleted from the law by
	7	+	amendment.
	8	+	sb0342
8	9
9		-	Tax Credits – Homeowners and Renters – Income Calculation
10		-	Property Tax – Renters’ Property Tax Relief Program – Assets Calculation
	10	+	SENATE BILL 342
	11	+	Q1 4lr1530
	12	+	CF HB 287
	13	+	By: Senator McCray
	14	+	Introduced and read first time: January 12, 2024
	15	+	Assigned to: Budget and Taxation
	16	+	Committee Report: Favorable with amendments
	17	+	Senate action: Adopted
	18	+	Read second time: February 7, 2024
11	19
12		-	FOR the purpose of excluding certain items from the definition of “assets” for purposes of
13		-	certain property tax relief provided to certain renters; and generally relating to the
14		-	renters’ property tax relief program.
	20	+	CHAPTER ______
15	21
16		-	BY repealing and reenacting, without amendments,
17		-	Article – Tax – Property
18		-	Section 9–102(a)(1) and (7) and (i)
19		-	Annotated Code of Maryland
20		-	(2019 Replacement Volume and 2023 Supplement)
	22	+	AN ACT concerning 1
21	23
22		-	BY repealing and reenacting, with amendments,
23		-	Article – Tax – Property
24		-	Section 9–102(a)(2)
25		-	Annotated Code of Maryland
26		-	(2019 Replacement Volume and 2023 Supplement)
	24	+	Tax Credits – Homeowners and Renters – Income Calculation 2
	25	+	Property Tax – Renters’ Property Tax Relief Program – Assets Calculation 3
27	26
28		-	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
29		-	That the Laws of Maryland read as follows:
	27	+	FOR the purpose of excluding certain items from the definition of “assets” for purposes of 4
	28	+	certain property tax relief provided to certain renters; and generally relating to the 5
	29	+	renters’ property tax relief program. 6
30	30
31		-	Article – Tax – Property
	31	+	BY repealing and reenacting, without amendments, 7
	32	+	Article – Tax – Property 8
	33	+	Section 9–102(a)(1) and (7) and (i) 9
	34	+	Annotated Code of Maryland 10
	35	+	(2019 Replacement Volume and 2023 Supplement) 11
32	36
33		-	9–102.
	37	+	BY repealing and reenacting, with amendments, 12
	38	+	Article – Tax – Property 13
	39	+	Section 9–102(a)(2) 14
	40	+	Annotated Code of Maryland 15
	41	+	(2019 Replacement Volume and 2023 Supplement) 16
34	42
35		-	(a) (1) In this section the following words have the meanings indicated.
	43	+	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 17
	44	+	That the Laws of Maryland read as follows: 18
36	45
37		-	~~(2) (i) “Assets” include:~~
	46	+	Article – Tax – Property 19
38	47
39		-	1. ~~real property;~~
	48	+	9–102. 20 2 SENATE BILL 342
40	49
41		-	2. cash;
42	50
43		-	3. savings accounts;
44	51
45		-	4. ~~stocks;~~
	52	+	(a) (1) In this section the following words have the meanings indicated. 1
46	53
47		-	~~5. bonds;~~ ~~and~~
	54	+	(2) (i) “Assets” include: 2
48	55
49		-	6. ~~any other investment.~~ ~~Ch. 899 2024 LAWS OF MARYLAND~~
	56	+	1. real property; 3
50	57
51		-	– 2 –
	58	+	2. cash; 4
52	59
53		-	~~(ii) “Assets” do not include:~~
	60	+	3. savings accounts; 5
54	61
55		-	1. the cash value of the life insurance policies on the life of
56		-	the renter; [or]
	62	+	4. stocks; 6
57	63
58		-	2. THE CASH VALUE OF AN Y QUALIFIED RETIREME NT
59		-	SAVINGS PLANS OR IND IVIDUAL RETIREMENT A CCOUNTS; OR
	64	+	5. bonds; and 7
60	65
61		-	~~[2.] 3~~. ~~tangible personal property~~.
	66	+	6. any other investment. 8
62	67
63		-	(7) “Net worth” means the sum of the current market value of all assets,
64		-	less any outstanding liability.
	68	+	(ii) “Assets” do not include: 9
65	69
66		-	(i) The property tax relief under this section may not be:
	70	+	1. the cash value of the life insurance policies on the life of 10
	71	+	the renter; [or] 11
67	72
68		-	(1) more than $1,000;
	73	+	2. THE CASH VALUE OF AN Y QUALIFIED RETIREME NT 12
	74	+	SAVINGS PLANS OR IND IVIDUAL RETIREMENT A CCOUNTS; OR 13
69	75
70		-	(2) granted to any renter whose combined net worth exceeds $200,000 as
71		-	of December 31 of the calendar year for which the property tax relief is sought;
	76	+	[2.] 3. tangible personal property. 14
72	77
73		-	(3) granted to any renter whose dwelling is exempt from property tax; and
	78	+	(7) “Net worth” means the sum of the current market value of all assets, 15
	79	+	less any outstanding liability. 16
74	80
75		-	(4) ~~granted if~~ the ~~credit~~ under this section ~~is less than $1~~ ~~in any year.~~
	81	+	(i) The property tax relief under this section may not be: 17
76	82
77		-	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect June
78		-	1, 2024, and shall be applicable to all taxable years beginning after June 30, 2024.
	83	+	(1) more than $1,000; 18
79	84
80		-	Approved by the Governor, May 16, 2024.
	85	+	(2) granted to any renter whose combined net worth exceeds $200,000 as 19
	86	+	of December 31 of the calendar year for which the property tax relief is sought; 20
	87	+
	88	+	(3) granted to any renter whose dwelling is exempt from property tax; and 21
	89	+
	90	+	(4) granted if the credit under this section is less than $1 in any year. 22
	91	+
	92	+	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect June 23
	93	+	1, 2024, and shall be applicable to all taxable years beginning after June 30, 2024. 24