In 2021, the Maryland State Legislature convened on January 13th and adjourned on April 12th. Maryland REALTORS®' issues a report each year on the Maryland Legislative session to summarize the legislation that affects the real estate industry.Below are a few of the items from the report that did pass (a full report showing bills that did not pass is available at mdrealtor.org):
Open Doors to Stronger Neighborhoods: REALTORS® initiated an advocacy campaign this year called “Open Doors to Stronger Neighborhoods.” The campaign seeks to expand housing opportunities in Maryland and focused its message on legislators and about 230,000 Marylanders.
Key “Open Doors” legislation for 2021 included:
Tax-Free Homebuyer Savings Accounts--HB1178
This legislation allows first-time homebuyers (who have not owned a home in Maryland in the last 7 years), the ability to contribute up to $5,000 year tax-free (state taxes) a year up to $50,000 total. The money can be used for any downpayment or closing costs listed on the settlement sheet. The accounts may only be created by the first-time buyer (does not allow a third-party like a parent to create an account for a child).
Broadband Access: HB 97– creating the Office of Statewide Broadband and HB 1328 /SB 824– authorizing joint trenching to enable more cost-effective broadband access
HB 97/SB 66 – creates a statewide office with the goal of connecting all Maryland households to fast internet by 2026. This law was signed by the Governor on April 13th.
HB 1328/SB 824 – authorizes local counties to expedite infrastructure projects extending broadband, waive fees and engage in region wide efforts. (Does not apply to local governments in Washington Suburban Sanitary Commission -- WSSC).
The State designated $300 million from federal stimulus money to help fund these efforts.
Miscellaneous Bills:
Sink Holes Notice HB 399—the bill requires a new paragraph in real estate contracts informing buyers about “dewatering zones” (sink holes). The original bill would have been a multi-page addendum and required the seller to figure out if the property was in a dewatering zone.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
