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Altering certain criteria for determining the venue for administrative or judicial probate of decedents who were not domiciled in the State; providing that, for purposes of the application of the Maryland inheritance tax, the situs of intangible personal property is the domicile of the decedent; repealing a certain exemption from the Maryland inheritance tax for personal property that passes from a nonresident decedent; etc.

Requiring a register of wills to allow an installment payment plan for the inheritance tax to be paid by a certain beneficiary of limited means under certain circumstances and subject to certain limitations; and applying the Act to all decedents dying on or after July 1, 2026.

Establishing the Maryland New Markets Development Program; requiring the Department of Housing and Community Development to administer the Program; authorizing a credit against the State insurance premium receipts tax and certain State insurance retaliatory taxes, fees, charges, and penalties for certain equity investments in certain community development entities; authorizing the Department to recapture a credit under certain circumstances; limiting the credit amounts that may be issued to $18,750,000 for any taxable year; etc.

Imposing an excise tax on certain gross receipts of certain firearms dealers derived from the sales of firearms, firearm accessories, and ammunition in the State and sales of firearms to State residents; and requiring the Comptroller to distribute a certain portion of the tax revenues to the Maryland Violence Intervention Program, the Center for Firearm Violence Prevention, the Coordinated Community Supports Partnership, the Survivors of Homicide Victims Program, the Trauma Physician Services Fund, and the R Adams Cowley Shock Trauma Center.

Imposing an excise tax on certain gross receipts of certain firearms dealers derived from the sales of firearms, firearm accessories, and ammunition in the State and sales of firearms to residents of the State; requiring the Comptroller to distribute a portion of the tax revenues to the Maryland Violence Intervention Program, the Center for Firearm Violence Prevention, the Coordinated Community Supports Partnership, the Survivors of Homicide Victims Program, the Trauma Physician Services Fund, and the Cowley Shock Trauma Center; etc.

Repealing the Maryland estate tax; and applying the Act to decedents dying after June 30, 2026.

Prohibiting a unit of State government or other State entity that provides State aid from providing State aid to a nonprofit entity unless the nonprofit is current with certain obligations under federal, State, and local law.

Altering certain criteria for determining the venue for administrative or judicial probate of decedents who were not domiciled in the State; providing that, for purposes of the application of the Maryland inheritance tax, the situs of intangible personal property is the domicile of the decedent; repealing a certain exemption from the Maryland inheritance tax for personal property that passes from a nonresident decedent; etc.

Establishing the Mental Health Care Fund for Children and Youth to support improved access to mental health care services for children and youth in the State; imposing a tax on certain annual revenues derived from certain digital social media services in the State; providing for the calculation and collection of the tax; requiring the Comptroller to distribute revenue from the tax in a certain manner; etc.

Establishing the Maryland New Markets Development Program; requiring the Department of Housing and Community Development to administer the Program; authorizing a credit against the State insurance premium receipts tax and certain State insurance retaliatory taxes, fees, charges, and penalties for certain equity investments in certain community development entities; authorizing the Department to recapture a credit under certain circumstances; limiting the credit amounts that may be issued to $18,750,000 for any taxable year; etc.

Establishing the alcoholic beverage tax rates for ready-to-drink cocktails at 60 cents for each gallon or 15.85 cents for each liter; and defining "ready-to-drink cocktail" as a beverage that contains distilled spirits mixed with nonalcoholic beverages and may contain wine, is 12% or less alcohol by volume, and is contained in original packaging consisting of a container that is not more than 16 ounces.

Providing that the income that an individual receives from renting a portion of the individual's primary residence may not be included in the calculation of income for purposes of eligibility for any State tax credit, housing assistance program, or medical assistance program designed to assist elderly persons; requiring the Department of Aging to review each State tax credit, housing assistance program, and medical assistance program and determine whether the Act is applicable; etc.

Altering the Enterprise Zone Program; altering and repealing certain credits, exemptions, and deductions to the State income, motor fuel, sales and use, tobacco, and property taxes; providing an addition modification under the Maryland income tax for the entire amount of certain deductions under the Internal Revenue Code for dividends paid for real estate investment trusts; requiring the Department of Commerce to evaluate the film production activity tax credit and submit a certain report on or before December 1, 2026; etc.

Authorizing, for purposes of determining the Maryland estate tax, a qualified recipient to transfer ownership of qualified agricultural property to a limited liability company; providing that qualified agricultural property transferred in accordance with the Act is not subject to estate tax recapture if the ownership of the company consists only of qualified recipients and the property is used for farming purposes for at least 10 years after the decedent's death; etc.

Altering and expanding the type of tax enforcement actions for which a certain whistleblower may, under certain circumstances, receive a monetary award for providing certain original information to the Comptroller under the Whistleblower Reward Program; and requiring the Attorney General and State agencies to provide to the Comptroller information pertaining to a final assessment that results from a whistleblower's original information under certain circumstances.

Exempting premiums on lawfully procured captive insurance by nonprofit hospitals and health care systems located in the State from the State insurance premium receipts tax imposed on unauthorized insurers and persons insured by unauthorized insurers; and prohibiting the Maryland Insurance Administration from charging or collecting a certain tax, or certain fees, penalties, or interest from certain unauthorized insurers and certain insureds.

Altering the definition of "qualified rehabilitation expenditure", for purposes of the Historic Revitalization Tax Credit, to repeal the exclusion of expenditures for a certain rehabilitation that is otherwise funded, financed, or reimbursed by certain State or local expenditures; altering the definition of "substantial rehabilitation" to extend the period during which certain expenditures must occur; expanding certain competitive award criteria for commercial projects; etc.

Imposing a State admissions and amusement tax on gross receipts derived from certain admissions and amusement charges for admission to athletic competitions held at the University of Maryland, College Park Campus; imposing a supplemental surcharge on certain sales of food, alcoholic beverages, and accommodations within a certain distance of the University of Maryland, College Park Campus football stadium on certain days under certain circumstances; etc.

Authorizing the Comptroller to settle a claim of the State that is in arrears, regardless of how long the claim has been in arrears.

Altering and expanding the type of tax enforcement actions for which a certain whistleblower may, under certain circumstances, receive a monetary award for providing certain original information to the Comptroller under the Whistleblower Reward Program; and requiring the Attorney General and State agencies to provide to the Comptroller information pertaining to a final assessment that results from a whistleblower's original information under certain circumstances.

Imposing an excise tax on the acquisition and excess ownership of certain single-family residences in the State by certain entities; providing for the calculation, collection, and distribution of the excise tax; establishing the Down Payment and Settlement Expense Loan Program Fund, which may be used only to provide financing for down payment and settlement expenses to enable eligible homebuyers to purchase homes; etc.

Imposing a surtax on the Maryland taxable income of individuals with a net worth in excess of $1,000,000,000; providing for the calculation, administration, and enforcement of the surtax; imposing a one-time wealth tax on the amount by which the net worth of a Maryland resident exceeds a certain amount; providing for the calculation, administration, collection, and enforcement of the one-time wealth tax; etc.

Exempting premiums on lawfully procured captive insurance by nonprofit hospitals and health care systems located in the State from the State insurance premium receipts tax imposed on unauthorized insurers and persons insured by unauthorized insurers; and prohibiting the Maryland Insurance Administration from charging or collecting a certain tax or certain fees, penalties, or interest from certain unauthorized insurers and certain insureds.

Establishing the Reparations Board to make certain examinations regarding reparations payments and make recommendations to the Governor and the General Assembly to provide grants to persons impacted by historic inequality; imposing an excise tax on nonpublic institutions that have an endowment of at least $2,000,000,000; requiring the revenue from the endowment excise tax to be deposited into the Maryland Reparations Fund to provide grants to persons impacted by historic inequality; etc.

Repealing certain provisions authorizing a county or municipal corporation to impose certain assessments on transportation network services; prohibiting a county or municipal corporation from imposing an assessment, a tax, a fee, or a charge on transportation network services; repealing the Transportation Network Assessment Fund; prohibiting the Maryland Aviation Administration from fixing any charges, rentals, or fees on the privilege of providing transportation network services at an airport or a facility; etc.