Legislation to impose a system of unitary combined reporting for corporate income taxes will be heard by the Senate Budget & Taxation Committee next week.
Maryland Chamber Senior Vice President of Government Affairs Mathew Palmer will testify during the hearing, outlining the Chamber’s opposition to combined reporting. If you are interested in joining him during the hearing, contact him at firstname.lastname@example.org.
“While many elected officials have focused on ways to promote growth in Maryland, this bill would harm Maryland’s business climate,” Maryland Chamber Senior Vice President of Government Affairs Mathew Palmer said.
The Maryland Chamber has opposed combined reporting as a priority issue for a number of years. This corporate tax policy change would result in massive shifts in tax liability, complicate tax compliance and make Maryland less competitive. Proponents touted combined reporting as a “loophole closer.” Maryland lawmakers have addressed tax avoidance during prior sessions. The fact that many corporations would pay less taxes under combined reporting demonstrates that this is not a “loophole closer.” In tax year 2010 1,517 businesses would have paid less taxes and 1,062 would have paid more. Results vary within industry groups, with some industries paying more and others paying less.
For more information, contact Mathew Palmer at email@example.com.
Legislative Issues Tag: Taxes