Governor Larry Hogan delivered his first State of the State yesterday, Wednesday February 4, and outlined a number of initiatives he will champion during this year’s General Assembly Session, most notably for the business community, an exemption from the Business Personal Property Tax for businesses with under $10,000 of valued property. This will mean tax relief for over 70,000 businesses in the State who will no longer have to file the business personal property tax forms or pay the county tax levied on those amounts. The Governor also proposed legislation to exempt retirement pensions for first-responders and retired military from the income tax. Also outlined were other initiatives which have received support from the Maryland Chamber of Commerce, such as removing the CPI indexing from the motor fuel tax and restoring highway user revenues to the Counties.
The Governor spoke about his proposed budget for FY 2016 and stated his commitment to eliminate the structural deficit in one year and to continue to make the tough choices needed to bring State spending in line with State revenues without raising taxes.
The Chamber will be examining these proposals as they are filed with the General Assembly through our policy committees and ultimately through our Legislative Committee.
Chamber President Brien Poffenberger attended the State of the State at the invitation of Governor Hogan and met with a number of the administration staff and Secretary-designates.