(a) On or before April 15 of each year, a person shall submit a report on personal property to the Department if:
(1) the person is a business trust, statutory trust, domestic corporation, limited liability company, limited liability partnership, or limited partnership;
(2) the person is a foreign corporation, foreign statutory trust, foreign limited liability company, foreign limited liability partnership, or foreign limited partnership registered or qualified to do business in the State; or
(3) the person owns or during the preceding calendar year owned property that is subject to property tax.
(b) The report shall:
(1) be in the form that the Department requires;
(2) be under oath as the Department requires; and
(3) contain the information that the Department requires.
(c) On or before December 31, 2019, the Department shall adopt regulations on the granting of exemptions from the reporting requirement under this section.