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MarylandSB 06232025 Regular SessionSenate

St. Mary's County - Public Facilities Bond

Sponsored By: Jack Bailey (Republican)

Signed by Governor

Local Debt (Bond Bills)AdvertisingBanks and Trust CompaniesBridges and TunnelsCommunity CollegesCounty and Baltimore City BondsErosion -see also- Shore ErosionExemptionsFiduciariesFlood ControlForests and Parks -see also- MdNatlCapPkPlnCm; Plants; etc.Health -see also- COVID19; EnvHlth; MedCon; etc.HighwaysInterestLibraries -see also- ArchivesNews MediaNoticesPiers and Docks -see also- Marinas; PortsPublications -see also- Maryland Register; TextbooksPublic Buildings and Facilities -see also- Stadiums; St HsePublic Schools -see also- Primary Schools; Secondary SchPublic Works -see also- Brg&Tun; Hwys; PublBlgFac; etc.Real PropertyRecyclingRefuse Disposal -see also- RecyclingRevenue and Taxes -see also- (specific tax)Safety -see also- Occupational SafetySecuritiesSignaturesSocial Services -see also- Public BenefitsSports and RecreationSt. Mary's CountySwimming Pools

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 1 costs, 0 mixed.

St. Mary’s Property Taxes Back Bonds

Beginning June 1, 2025, St. Mary’s County must levy property taxes each fiscal year these bonds remain unpaid. Taxes on all taxable property must cover the yearly principal and interest. Any shortfall requires additional taxes the next fiscal year. Qualifying funds received or due from other sources can reduce the required levy. The law sets no tax rate or dollar charge for each property owner.

County Bond Investors Get Maryland Tax Exemptions

Beginning June 1, 2025, bonds issued under this law and their transfers are exempt from Maryland state and local taxes. The exemption also covers interest and other income, including profits from selling the bonds. Federal tax treatment is separate: the County can issue bonds whose interest remains federally taxable. The law sets no dollar amount of savings for investors.

St. Mary’s County Can Fund Facilities

Beginning June 1, 2025, St. Mary’s County can borrow up to $71 million to buy, build, or improve public facilities. Each bond must mature within 30 years. Net bond money must fund the facilities for which it was borrowed. Extra money goes toward bond payments or retirement, unless a county resolution assigns it to other facilities allowed by this law. The County can also issue new bonds to refinance outstanding bonds, including related interest and premiums. Refinancing money must stay in a separate trust fund for paying off the bonds being replaced.

Sponsors & Cosponsors

Sponsor

  • Jack Bailey

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 184 • No: 0

House vote • 4/7/2025

Third Reading Passed

Yes: 137 • No: 0 • Other: 3

Senate vote • 3/12/2025

Third Reading Passed

Yes: 47 • No: 0

Actions Timeline

  1. Approved by the Governor - Chapter 408

    5/6/2025

  2. Returned Passed

    4/7/2025Senate

  3. Third Reading Passed (137-0)

    4/7/2025House

  4. Favorable Adopted Second Reading Passed

    4/4/2025House

  5. Favorable Report by Appropriations

    4/4/2025House

  6. Hearing 3/25 at 1:00 p.m.

    3/19/2025House

  7. Referred Appropriations

    3/13/2025House

  8. Third Reading Passed (47-0)

    3/12/2025Senate

  9. Second Reading Passed

    3/11/2025Senate

  10. Favorable Adopted

    3/11/2025Senate

  11. Favorable Report by Budget and Taxation

    3/10/2025Senate

  12. Hearing 2/18 at 1:00 p.m.

    1/30/2025Senate

  13. First Reading Budget and Taxation

    1/29/2025Senate

Bill Text

  • Enacted

    5/6/2025

    PDF

  • Third Reading

    3/11/2025

    PDF

  • First Reading

    1/29/2025

    PDF

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