House Minority Leader Nicholaus Kipke said that the top priority for House Republicans this session will be legislation to reduce income taxes for all Marylanders by 10 percent.
“It’s about $300 million. Phased in over three years, it is small change in the overall picture,” Kipke said. “I believe it will go a long way to strengthening our State and getting Marylanders in a better footing for their families, getting Marylanders back to work, and creating jobs and opportunities.”
Another income tax related idea raised during the Maryland Business Reception was a benefit for pass through entities. Most small businesses in Maryland are organized as pass through entities – sole proprietors, partnerships, LLCs, S corporations, etc. These businesses do not pay corporate income tax. The business income is taxed on the individual income tax return of the business owner. Kasemeyer said his committee will explore ways to provide these small businesses with tax relief.
For more information on tax issues, contact Mathew Palmer at email@example.com.
Photo: House Minority Leader Nicholaus Kipke speaking during the Chamber’s Maryland Business Reception. Photo by John Coyle, Coyle Studios
Legislative Issues Tag: Taxes