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(Jan. 13, 2022) On Jan. 11, Maryland Gov. Larry Hogan announced legislation that would eliminate the filing fee for businesses that submit their annual report online.
Maryland would be the first state in the country to provide a zero-fee option for all businesses for this type of filing, which is required to be submitted annually with the Maryland State Department of Assessments and Taxation (SDAT). Annual reports and most business filings can be submitted online using the Maryland Business Express website.
Corporations, LLCs, and other legal entities are currently required to file annual reports with SDAT for $300, and family farms for $100.
Over the past few years, the department has witnessed a dramatic increase in Maryland business activity. SDAT launched the annual report and personal property return online filing system on Maryland Business Express in 2015 when there were close to 300,000 businesses in good standing in the state. Today, there are 462,082 businesses in good standing compared to 415,734 in January 2021 and 391,768 in January 2020.
If you have any questions about the information above, please contact your E. Cohen advisor.
