Recordation and Transfer Taxes - Exemption for Related Business Entities - Common Law Trusts

HB 82 amends Maryland tax law to expand an existing exemption from recordation and transfer taxes to include transfers involving common law trusts between related business entities. It modifies the definition of "business entity" to explicitly include common law trusts, allowing tax-free transfers of real property between entities like parent companies and wholly-owned subsidiaries or related trusts. This change applies to transfers for no consideration, nominal consideration, or where consideration involves only ownership interest changes. The law takes effect July 1, 2026, and directly affects business entities and common law trusts conducting such intra-group real estate transfers.