Small businesses look forward to potential tax relief

Governor Larry Hogan has reaffirmed his commitment to making Maryland a business friendly state with the announcement of House Bill 480, better known as the Small Business Personal Property Tax Relief Act of 2015.

The legislation would eliminate personal property income tax for businesses that have less than $10,000 in personal property, once signed into law.

Governor Hogan believes this property tax is burdensome and discourages the creation of new businesses. 

One local business on the shore is looking forward to this potential change.

Paul Oltmann, the evening manager at Mayabella’s in Salisbury says, “It would definitely be beneficial having tax relief. That would enable money to be used in other areas such as for other employees, or equipment, or anything else. The cost savings can be passed onto the customers as well.”

More than 70,000 businesses in Maryland would benefit from the passage of this legislation.