Maryland Governor Martin O’Malley (center, front row) signs into law Senate Bill 436 and House of Delegates Bill 1209 which grandfathers existing Indemnity Deeds of Trust (IDOT) fromrecordation tax, increases the minimum threshold for recordation tax on IDOTs from $1 million to $3 million and establishes a new refinance process for all types of commercial mortgages in Maryland effective July 1, 2013.
Joining the Governor in the front row are Maryland Senate President Thomas (Mike) Miller (left) and Maryland House Speaker Michael Busch. In back row, from left to right are: Howard Perlow, Residential Title & Escrow Company; James Lighthizer, Chesapeake Real Estate Group and NAIOP Board Member; Christopher Nevin, BB&T and NAIOP Maryland Secretary/Treasurer; Maryland Senator Douglas JJ Peters (23rd District), the lead sponsor of Senate Bill 436; Tom Ballentine, Vice President for Policy and Government Relations for NAIOP Maryland; Nick Manis, Manis Canning & Associates; Maryland House of Delegate Jon Cardin (11th District); Bryson Popham, Building Owners and Managers Association; Katie Maloney, Maryland State Builders Association and John Favazza, Manis Canning & Associates.