301 W. Preston St., Baltimore, MD 21201-2395   410-767-1340, toll free in MD 888-246-5941   MD Relay TTY 800-735-2258

ANNUAL REPORT FEE HAS INCREASED TO $300
FOR BUSINESS TRUSTS & FOREIGN INSURERS

New legislation, Senate Bill 508 passed by the 2004 Maryland General Assembly, adds business trusts and foreign insurers to the other entities already required to pay the $300 annual report fee to the State.  This fee is due and payable with the filing of the Maryland annual personal property return. The increase is effective for any return, regardless of year, filed after 12/31/2004.  (Legislation passed by the 2003 General Assembly increased the annual report fee for most legal entities to $300 for returns filed after 12/31/2003.)

Foreign Insurers Only

  In the past, only foreign insurers that owned personal property in Maryland were required to file a personal property return, but they were exempt from paying the  annual report fee.   With this law change effective 01/01/2005, all foreign insurers licensed by or subject to the jurisdiction of this State must file a 2005 personal property return (Form 1) and pay the $300 annual report fee to this Department regardless of whether they own property in Maryland.   Those that do not own property will be able to bypass a major section of the form.    The Department will be reviewing information from the Maryland Insurance Commissioner and adding, as necessary, the affected companies to our records.  We will then assign Department ID numbers and mail the required form and information about this law change to those companies.  However, even if a form is not received in the mail, each company must still file the return or secure an extension by 04/15/2005.  With an extension, the insurer must file the form by  06/15/2005.  A late filing penalty may apply to returns filed after these due dates.

Personal property forms including extension requests are available on our website at www.dat.state.md.us (click on "Businesses" and then "Personal Property Information & Forms"), or by calling our Forms Line at 410-767-1180.

Department of Assessments & Taxation Charter Division 301 West Preston Street, Room 801 Baltimore, Maryland 21201-2395

Phone 410-767-1340 Toll Free in Maryland 1-888-246-5941  Web site:  www.dat.state.md.us E-mail:charterhelp@dat.state.md.us