NEWS
October 5, 2009
The news that a complex tax law change known as "combined reporting" could have resulted in $170 million in additional payments from businesses into Maryland's coffers if it had been in effect in 2006 is bound to reignite a familiar debate in Annapolis next year, with progressive groups on one side and the Chamber of Commerce on the other. The two sides have been duking it out over this issue for years, with proponents of combined reporting insisting it ensures that businesses pay their fair share and are unable to hide profits in other states, and opponents saying it would be a logistical nightmare.
NEWS
May 9, 2013
In his remarks to the Greater Baltimore Committee's annual meeting Wednesday night, T. Rowe Price Chairman Brian C. Rogers noted a contradiction in how the world sees Maryland as a place to do business. On the one hand, it is universally recognized for its top-ranked school systems and universities, skilled workforce, research activity, potential for innovation, and great quality of life. On the other, it frequently winds up toward the bottom of rankings of business competitiveness — most recently, by CEO Magazine — largely because of our tax system and regulatory environment.
NEWS
August 13, 2009
It's a long-held axiom that increasing taxes in an election year is bad politics. But the nascent debate over enacting "combined reporting," a corporate tax law system that supporters say ensures companies pay their fair share, suggests that it could make for bad policy, as well. Combined reporting is not a crazy idea - it's already law in more than 20 states and, in some cases, has been for many years. But it is complicated, and it's not clear that it's always a better way to tax the economic activity of corporations.
NEWS
By Laura Smitherman and Laura Smitherman,laura.smitherman@baltsun.com | October 2, 2009
State fiscal analysts revealed Thursday that a corporate income tax change sought by an influential labor union as an alternative to budget cuts could have raised as much as $170 million if it had been in effect several years ago. The report from the comptroller's office could bolster support in the General Assembly for so-called combined reporting, which proponents say would prevent corporations from dodging taxes by hiding profits in other, lower-tax states....
BUSINESS
By JAY HANCOCK | November 9, 2007
Maryland is having another one of those family feuds about business taxes and regulation that outsiders find hard to follow. "MBNA! Business climate!" "Delaware! Loopholes!" "Marriott!" "Blackmail!" "Fair share!" "Confiscation!" A small state with a liberal legislature, big corporations and neighbors with lower taxes and less regulation is going to have this conversation every five years or so, and it's healthy. Unfortunately, the discussion has a tendency to bulldoze nuances and polarize interest groups no matter what measure is under consideration.
NEWS
By Andrew A. Green and Andrew A. Green,Sun reporter | July 25, 2007
Upset by a report that nearly half of Maryland's major corporations didn't pay income taxes last year, Gov. Martin O'Malley said he would seriously consider pushing for "combined reporting," a tax law change that advocates say would make it hard for companies to hide their profits in other states. O'Malley, a Democrat who is developing plans to close the projected $1.5 billion annual gap between state spending and revenue, said that if citizens are going to be asked to pay more taxes, businesses should pay their fair share, too. "This is an unfairness of the tax code that would allow some of the largest and most profitable corporations in the state to pay no income tax," O'Malley said.