Legislation (SB 269) to impose a system of mandatory unitary combined reporting for corporations will be heard by the Senate Budget & Taxation Committee on today.
The Maryland Chamber opposes this legislation.“While many elected officials have focused on ways to promote job growth in Maryland, this bill would harm Maryland’s business climate,” Maryland Chamber Vice President of Government Affairs Ron Wineholt said. “It would impose a $153 million tax increase on Maryland businesses at a time that companies are struggling to maintain their current levels of employment.”
The Maryland Chamber has opposed combined reporting legislation for a number of years. Data from the Maryland Comptroller’s office shows that enacting combined reporting would result in massive shifts of tax liability between businesses, with many businesses paying more taxes and many paying less.
None of Maryland’s competitor states have enacted combined reporting. Passage of this legislation would give Virginia and other neighboring states an economic development advantage at a time when Maryland is seeking to diversify and grow its economy. In fact the Maryland Department of Business and Economic Development’s website touts the fact that Maryland has “no unitary tax on profits.”
From the Facts & Stats page on DBED’s Website