Last week, Chairman Norm Augustine, retired Lockheed Martin chief executive officer, presented the Maryland Economic Development and Business Climate Commission (Augustine Commission) final report, Phase II, Taxes, to Senate President Thomas V. Mike Miller and House of Delegates Speaker Michael E. Busch. The report includes 14 recommendations for how the State can be more business friendly as it relates to taxes.
The Maryland Chamber has followed the work of the Commission, since its establishment and actively participated in their hearings through presentations. This past fall, the Maryland Chamber along with our tax policy committee chairs, testified before the commission and made several recommendations on ways Maryland, specifically the Legislature, could help improve Maryland’s tax environment. With the release of this long awaited report, the Maryland Chamber is happy to see that five of our recommendations were include in the report:
Decreasing the corporate income tax, a move the Chamber has long supported, was also included in the report as Recommendation #3 (Reduce, over three years, the corporate income tax rate from 8.25% to 7.0%).
Please click here for the Commission’s report and more information on the Maryland Chamber’s recommendations.
The Maryland Chamber’s Tax Committee will thoroughly review the Commission’s full report and any legislative proposals introduced originating from this report.
Contact the Chamber at email@example.com with any questions.