Among 14 recommendations, proposals such as reducing the corporate tax rate and providing an exemption for pass-through businesses are good news for small business.
Augustine Commission Report Results Offer Business-Friendly Recommendations
The results of the long-awaited Augustine Commission Report are in, and they bring good news for Maryland’s small business owners.
From reducing the corporate income tax rate from 8.25 percent to 7 percent over three years to passing an individual income tax exemption of $20,000 for pass-through businesses, the report offers 14 different recommendations for making Maryland more business-friendly.
“We felt it was our charge to fundamentally propose a manner in which we thought business could be helped,” commissioner member Sen. Ed Kasemeyer said.
The proposed tax cuts are likely to become one of the most pressing legislative priorities for state lawmakers to act on this session.