Taxes take center stage in Maryland
Maryland's governor and General Assembly might be getting an early start on next spring's legislative session, and that means work ahead for CPAs and their clients.
Articles in The (Baltimore) Sun and The Daily Record outline Gov. Martin O'Malley's plan to resolve an estimated budget deficit of $1.7 billion. Among his proposals:
- A higher sales tax, increasing from 5 to 6 percent. No word yet on whether a sales tax on services will be considered.
- Raising the corporate income tax rate from 7 to 8 percent.
- Corporate tax compliance plans. "O'Malley has supported 'combined reporting,' a tax law mechanism designed to prevent large companies from hiding profits in other states," writes The Sun's Andrew A. Green. "However, businesses oppose that idea, and the governor said he is considering other options."
- Legalized slot machines.
Read more about the proposals here.
O'Malley said he will call a special session of the General Assembly this fall to consider the proposals.
The MACPA and its legislative volunteers are actively monitoring the proposals. Members can keep an eye on our legislative resource center for details as they become available and contribute to the cause by making a donation to the MACPA's political action committee.
Stay tuned ...