Md. Code Regs. 18.03.06.02

Current through Register Vol. 51, No. 12, June 14, 2024

Section 18.03.06.02 - Criteria for Exemption

To qualify for the small business personal property exemption under Tax Property Article, §7-227, Annotated Code of Maryland, the following criteria shall be met:

A. The business personal property shall be owned by an individual and used in connection with a business, occupation, or profession that is a sole proprietorship;

B. The business personal property for which the exemption is claimed shall be located at the individual's principal residence which is also the principal place of business of the sole proprietorship; and

C. The total original cost of all business personal property owned by the individual, excluding vehicles exempt under Tax-Property Article, §7-230, Annotated Code of Maryland, shall be as provided by Tax-Property Article, §7-227, Annotated Code of Maryland.

Md. Code Regs. 18.03.06.02

Regulation .02 amended effective 49:25 Md. R.1041-1070, eff. 12/12/2022