Tag: combined reporting

Md. corporate tax will be cut, Senate chairman predicts

Maryland’s 8.25% corporate income tax will be lowered next year, at least by the Maryland Senate, predicted Sen. Ed Kasemeyer, chair of the Senate Budget and Taxation Committee. “I do believe that next year you’ll see it occur,” Kasemeyer told a Howard County Chamber of Commerce breakfast Thursday. The Howard County Democrat had backed lowering the rate at a meeting of the same group in 2011.

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Delegates still skeptical of combined reporting for corporate taxes

Although many economists, experts, unions and small businesses urged the House Ways and Means Committee to institute combined reporting for more equitable corporate taxes, delegates seemed skeptical of the taxation method. Combined reporting is a complicated method of calculating corporate taxes based on how much companies make in all states where they are located, not where they are headquartered. It would shift businesses’ tax liabilities because of the new way income would be measured.

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Maryland First plan combines progressive measures for a projected $827m in revenues

A group of six senators unveiled on Tuesday a package of bills designed to raise an estimated $827 million in new revenues to help take the sting out of budget cuts proposed by Gov. Martin O’Malley.

“The plan is intended to expand the conversation about balancing the budget and to reduce the pain in the budget cuts,” said Sen. PaulPinsky, a Prince George’s County Democrat and one of the senators behind the “Maryland First” plan.

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Liberal lawmakers push fight for combined corporate tax reporting

Liberal senators and delegates are pressing ahead with bills to bring the combined reporting method of corporate taxation to Maryland, even after the Business Tax Reform Commission rejected the idea in November.

“We think combined reporting will create a level playing field,” said Sen. Paul Pinsky, a Prince George’s County Democrat who has championed the measure in the past.

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Combined reporting not recommended

Culminating two years of deliberations, debate and discussions, the Business Tax Reform Commission will not endorse combined reporting to the 2011 General Assembly.

Only four members of the 18-member commission voted to support combined reporting. The remaining 13 members at Tuesday’s meeting voted that the commission should recommend against adopting the controversial method of calculating corporate taxes. Combined reporting calculates corporate taxes based on how much companies make in all states that they are located, not where they are headquartered.

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Businesses, groups disagree on combined reporting

During a two-hour-long parade of witnesses before the Business Tax Reform Commission on Tuesday night, one point came through repeatedly: what is best for the state’s corporate tax code is not obvious.

Person after person came before the commission with impassioned recommendations, most of them dealing with combined reporting.

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