Income Tax Relief? Maybe Next Year

Date: May 31, 2016

Discussions are expected to resume in 2017 rather than a summer special session.

Income Tax Relief? Maybe Next Year

Gov.
Larry Hogan set out to provide tax relief for Marylanders this year, but
efforts to do so failed in Conference Committee during the 2016 legislative
session. Now, it looks like the issue will be tabled until 2017 because a
summer special session is not likely.

 Tax
relief packages were passed by both the House and the Senate this year, but
negotiations for a final plan fell apart on the last day of session, reportedly
because the House conferees insisted that the paid sick leave legislation pass
the Senate before tax relief was approved. Under the Senate plan, about $300
million in tax cuts would have been spread across all tax brackets, providing
relief for small business owners paying taxes at the personal rate as
pass-through entities. The House’s plan focused on lower to middle income
earners, and both plans would have increased the amount and expanded the
eligibility for taxpayers claiming the Earned Income Tax Credit.

 “I
know that President Miller wants to provide across-the-board income tax cuts,
and provide help for small businesses,” Gov. Hogan said in his remarks before
signing almost 200 bills into law on May 10, reported The Baltimore Sun.
“I know that Speaker Busch wants to give tax relief to struggling low income
families. Well, I agree with both of them. So I say: Next year, guys, let’s get
them all done.”

Related Content: Small Business News | Maryland | Taxes

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