Off The Record Special Edition: Legislative Update

The 2024 Legislative Session of the Maryland General Assembly concluded with more than 2,700 bills introduced. Governor Moore signed 1,049 bills into law and vetoed four.

In this special edition of our OFF THE RECORD newsletter, our attorneys share their insight into a selection of new laws that may impact you, your business, or your community. Brief highlights are noted below, and our comprehensive legislative update is available in its entirety on our website here.

Labor & Employment

On the heels of sweeping changes to noncompetes and overtime thresholds at the federal level announced earlier this year, new Maryland legislation makes modifications to FAMLI and the Time to Care Act, establishes wage range transparency requirements, and further limits noncompetes for certain industries.

Business Planning & Transactions

With the Maryland Online Data Privacy Act of 2024, the State joined a handful of others that have passed statewide data privacy laws. New legislation also addressed transparency with the Transparent Government Act of 2024, which may result in businesses being able to more effectively plan for future growth.

Construction

Changes to construction law will provide construction contractors who work with the State of Maryland with an opportunity to recover escalation costs for materials or other items in connection with a project, something that was largely unheard of in the past.

Community Associations

Legislation impacting community associations and homeowners associations includes new provisions for infrastructure repair, electric vehicle charging equipment, and asbestos disclosure.

Health Care

Health care providers must comply with new regulations governing the destruction of medical records, in addition to the communication of and access to medical records.

Read the Full Legislative Update

Supreme Court Rules on Company-Owned Life Insurance: What You Need to Know

Are you aware of the tax implications of your closely held company's company-owned life insurance policies? A recent opinion handed down from the Supreme Court impacts estate valuation, and could mean an unexpectedly significant estate tax bill from the IRS in certain cases.

Corporate Transparency Act: Updates

Earlier this year, an expansive new piece of legislation went into effect - the CTA imposes significant reporting requirements on many businesses and individuals. However, looming deadlines for compliance stalled in March when the CTA was ruled unconstitutional (this ruling applies only to certain entities). What is the current status, and how can you and your business avoid stiff penalties for noncompliance?

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INSIDE THIS ISSUE:

Supreme Court Rules on Company-Owned Life Insurance: What You Need to Know

Corporate Transparency Act: Updates