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Maryland Personal Property Tax

The UltraTax / Maryland Personal Property Tax application supports 1040, 1041, 1065, 1120, 1120S, and 990 entities. It prepares the local property tax returns from depreciation data entered in the
Asset Detail
.

Maryland forms and schedules

  • Calculating forms:
    • Form 1 — Personal Property Return
    • Form AT3-51 — Annual Personal Property Return of Sole Proprietors and General Partnerships
  • Non-calculating forms:
    • Form AT3-45 — Transfer, Sale or Disposal
    • Form AT3-73 — Application for ID Number

Depreciation treatments required for all MD PPT assets

You'll need to enter the Book or MD treatment for Maryland Personal Property Tax returns. By default, the Book treatment transfers to the return. However, if you mark the
Complete return using the MD treatment within the Asset module
 checkbox on the Gen screen in the General folder for UltraTax / Maryland Personal Property Tax, the MD treatment will transfer to the return.

Associations required for all MD PPT assets

  • Situs:
     Each asset needs to have
    Maryland
     selected in the
    Situs
     to transfer to the Maryland Personal Property Tax return.
  • Location:
     Enter the address at which the property is located. A property tax return is created for each location entered. This information transfers to the
    Location
     on Form 1 or Form AT3-51. A maximum of 25 characters will transfer.
  • PPT type - MD:
     Enter the personal property type for the asset. Assets with the following property types transfer to Form 1 and Form AT3-51.
    • Section A
    • Section B
    • Section C
    • Section D
    • Section E
    • Section F
    • Section E
    • Section F
    • Section G
    • Tools, mach, equip used for manufacturing and RD
    • Vehicles with interchangeable registration
    • X - Exempt
  • Form 4-MD:
     Enter the balance sheet type for the assets. This information transfers to the corresponding section of Form 4A in UltraTax CS. The balance sheet types are:
    • Buildings
    • Furniture & fixtures
    • Intangible
    • Land
    • Leasehold improvements
    • Machinery & equipment
    • Manufacturing / R&D equipment
    • Other - Form 4B, line 8
    • Transportation equipment (not registered)
    • Transportation equipment (registered)

This article applies to:

  • Product: Fixed Assets CS
  • Return type: Personal Property Tax
  • State: Maryland
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