May 1, 2024 2024 Annual Report and Personal Property Tax Return Deadline Extended to June 17 As part of the Moore administration’s response to the collapse of the Francis Scott Key Bridge, The Maryland State Department of Assessments and Taxation announced they are extending the 2024 deadline to submit annual reports and personal property tax returns to June 17. You can read the official notice here. About the 2024 Annual Report and Personal Property Tax Return According to The Maryland State Department of Assessments and Taxation, all domestic and foreign business entities must file an annual report to maintain their “good standing” status with the Department. Businesses in most jurisdictions that own, lease, or use personal property in Maryland may also need to file a personal property tax return with the annual report. The deadline extension announced today applies regardless of whether a business already requested an extension, and will allow businesses already in good standing to remain in good standing for an additional two months. Good standing status is often a requirement to be eligible for business relief programs. Tax Relief Measures In further support of businesses affected by recent challenges, several tax-related measures have been implemented. Until May 31, penalties and interest for Employer Withholding Tax, Sales and Use Tax, Tobacco Tax, Motor Fuel Tax, Admissions and Amusement Tax, Tire Fees, Bay Restoration Fees, and Transportation Network Fees are being waived automatically, without the need for formal requests. Furthermore, the International Fuel Tax Agreement (IFTA) will waive certain penalties associated with late filing of IFTA returns, provided that motor carriers appropriately document their motor fuel purchases and mileage. Resources for Affected Businesses The Port of Baltimore Emergency Business Assistance Program The Maryland Department of Commerce has a total of $15 million to provide grants to businesses which have had their operations impacted or shipments disrupted at the Port of Baltimore. To be eligible, businesses must demonstrate economic and financial injury through a reduction in business revenue and activity, and/or increased costs to business operations. Grants of up to $100,000 will be awarded on a first come, first served basis. The Neighborhood BusinessWorks Administered by the Maryland Department of Housing and Community Development, a total of $15 million in loans and grants are available to businesses that have been impacted by a loss of revenue or increased costs. How KatzAbosch Can Help If you have been impacted by the Key Bridge Collapse and need help understanding your tax implications, contact us today.
