Tag: combined reporting
Md. legislature ‘would be a lot worse’ for business if not for Senate leaders, Kasemeyer says.
“If it weren’t for the more moderate leadership in the Senate, things would be a lot worse than what they are” in the Maryland General Assembly, Sen. Ed Kasemeyer told Howard County business leaders Wednesday.
Read More
Voters oppose corporate tax cuts but favor minimum wage hike, poll finds
Progressive Democrats are using new polling results to continue their push for increasing Maryland’s minimum wage to $10 an hour, while they reject attempts to lower corporate taxes. A minimum wage hike and corporate tax cut are being discussed by General Assembly leaders ahead of the 2014 session.
Read More
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.
Read MoreReport claims $60 million in annual state tax breaks to corporations
Progressive Maryland released a report highlighting gaps in Maryland’s tax policy that prevent the state from bringing in almost $60 million in annual tax revenue from corporate sectors.
The report identifies seven sectors of Maryland’s tax policy that allow big businesses to take advantage of the state tax code. Business groups dispute the findings.
Read MoreSenate tax chairman favors lowering corporate rate
Senate Budget and Taxation Committee Chairman Edward Kasemeyer told a Howard County Chamber of Commerce breakfast Wednesday that he personally favored rolling back Maryland’s corporate income tax by 1/4% a year for several years. This would bring Maryland’s 8.25% corporate tax rate – raised four years ago from 7% – closer to Virginia’s 6% rate.
Read MoreProgressives rally to fix economic woes by cutting military spending, taxing rich
A hall packed with progressives applauded the prospects of cutting back military spending, reinstating the millionaires’ tax, passing President Obama’s job creation legislation, and transforming Maryland’s health care system into a state-run single-payer operation.
Read MoreDelegates 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.
Read MoreMaryland 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.
Read MoreLiberal 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.
Read MoreCombined 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.
Read MoreBusinesses, 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.
Read MoreCombined reporting costs vary for state, business
For the second year in a row, the state has found that it could have brought in more money if it had instituted a controversial corporate tax measure known as “combined reporting,” but different industries would experience wide swings in their tax liabilities.
Read More
Recent Comments