Chapter 06. Small Businesses
Regulation .01 Definition of Principal Residence.LinkCopy Citation
“Principal residence” means the one location where an individual regularly resides and is the location designated by the individual for the legal purpose of voting, obtaining a driver's license, and filing income tax returns.
Regulation .02 Criteria for Exemption.LinkCopy Citation
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.
Chapter annotations
Authority: Tax-Property Article, §§2-201, 2-202, and 7-227, Annotated Code of Maryland
History: Effective date: April 19, 1999 (26:8 Md. R. 619)
History: Regulation .02 amended effective December 12, 2022 (49:25 Md. R. 1050)