The Maryland Chamber of Commerce is hoping it can lobby lawmakers to lower the state’s corporate income tax rate.
Heading into the General Assembly’s upcoming legislative session in January, the Maryland Chamber has made tax reform its top priority. The chamber is focusing on taxes because the 2017 federal overhaul could cost Maryland businesses about $571 million at the local level over the next five years.
In particular, the chamber wants Maryland to lower its state corporate income tax rate from 8.25 percent to 7 percent.
Companies got a big break at the federal level because Tax Cuts and Jobs Act slashed the corporate income tax rate from 35 percent to 21 percent. But because of changes to various tax deductions, businesses will end up paying more at the state level, according to a report by the Maryland Comptroller’s Office.
The General Assembly took action during this year’s legislative session to help prevent individuals from seeing their local taxes get increased as a result…Read the full story from the Washington Business Journal.