Manufacturing Business Personal Property Tax - Exemption

HB 168 exempts all personal property, including manufacturing inventory, from property tax for small and medium-sized manufacturing businesses in Maryland. The bill creates a new Section 7-225.1 in the tax code, removing property tax liability for qualifying businesses' equipment, tools, machinery, and inventory used in manufacturing activities. This applies to state, county, and special district property taxes, but excludes property used in non-manufacturing activities like administration or sales. The exemption takes effect June 1, 2025, for taxable years beginning after June 30, 2025.