Wednesday, December 15, 2010
Business Tax Commission Issues Final Report
The Maryland Business Tax Reform Commission issued its final report to the Governor and General Assembly on issues it has considered over the past two years. The Commission recommended that:
- The General Assembly not implement combined reporting for corporate income taxes at its 2011 session.
- No substantive changes be made to economic development incentives at this time, and that a workgroup be created to study ways of ensuring that incentives are measurable and cost effective; and
- Maryland’s support for the Streamlined Sales and Use Tax Agreement be reaffirmed.
The Commission’s report and supporting materials document the massive shifts in tax liability and complex compliance problems that would be caused by adoption of combined reporting. We thank Karen Syrylo, CPA for representing the Maryland Chamber on the Commission. See the report here. Contact Ron Wineholt for further information at .(JavaScript must be enabled to view this email address).
