State Legislative Updates

Maryland House Bill 1116

Maryland — House Bill 1116, effective October 1, 2019 requires a tax-exempt domestic nonstock corporation with an operating budget exceeding $5 million and a domestic stock corporation with total sales exceeding $5 million to include in the annual report (personal property tax return) filed with the Department of Assessments and Taxation, the number of female board members and the total number of members of the board of directors. This does not apply to a privately held company if at least 75% of the shareholders are family members. This requirement will be effective for 10 years and will no longer be in effect thereafter unless further action is required by the General Assembly.

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