News For Your Week Ahead: May 20, 2022

Information Chaos – the reason we are “Drowning in Information, yet starved for Knowledge.” Rob Smith of Liscio joins us to give us his theory on information chaos and what he can do to help get you more organized using Office 365.

Watch on YouTube.

On Wednesday, May 25 at 9 a.m. We will be going live from our Annual Convention in Ocean City, MD with the annual meeting. Be sure to follow us on LinkedIn, Facebook, YouTube, and Twitter to view the meeting and other updates throughout the convention!

Just a reminder our offices will be closed next week for the Annual Convention & Banquet. We can still be reached via email at info@msatp.com, lily@msatp.org, navaal@msatp.org, walter@msatp.org, heather@msatp.org, or kebaugh@msatp.org. Our offices will reopen on May 31st.

There is still time to register for the individual classes virtually or in-person at MSATP’s Annual Convention and Banquet. Please use the button below to register!

Small Firms Expecting Better Business Conditions in the Next Six Months Hits Record Low | NFIB

In NFIB’s April Small Business Economic Trends report, the number of owners expecting business conditions to improve in the near future has fallen to the lowest level recorded in the 48-year history of the survey.

For more information, click here.

Maryland – Property Tax: Credit Available for Newly Constructed Office/Retail Property | via CCH TaxAware

Effective for tax years after June 30, 2022, Maryland will offer an enterprise zone property tax credit for newly constructed property with office and retail space that became eligible for the property tax credit between January 1, 2019 and December 31, 2021. The credit is available for 13 years and is available for 80% of the tax for the first eight years and decreases by 10% each year after until the credit expires.

Maryland – Multiple Taxes: Historic Revitalization Credit Extended, Commercial Caps Increased | via CCH TaxAware

Maryland is extending the sunset date for the historic structure revitalization credit that eligible taxpayers can claim against:

  • corporate income tax liability;
  • personal income tax liability; and
  • insurance premium tax liability.

It is also increasing the caps on credits for commercial historic revitalization projects.

Sunset Date

The sunset date for the credit is now July 1, 2031, instead of July 1, 2024. Taxpayers can continue to claim a credit for:

  • commercial rehabilitation projects that received an initial credit certificate; and
  • other projects that received approval for a rehabilitation plan on or before June 30, 2031.

Commercial Credit Caps

The cap for commercial rehabilitation credits increases from:

  • $3 million to $5 million for projects other than those in Level 1 or Level 2 enterprise zones;
  • $3.15 million to $5.25 million for Level 1 enterprise zone projects; and
  • $3.3 million to $5.5 million for Level 2 enterprise zone projects.

Maryland can also specify a lower cap in the initial credit certificate.

Get access to news updates like the ones above when you sign up for CCH Tax Aware, a complimentary benefit of being an MSATP member! Visit the perks page of your profile for information on how to sign up.