Bill Positions

Bill Number: SB 354

Bill Title: Corporate Income - Combined Reporting - Pension Sustainability Trust Fund

Bill Sponsor(s): Sen. Pinsky, et al.

Subject: Budget & Taxation

Committee: B&T

Bill Summary: This bill would impose combined reporting for corporations, effective for taxable years beginning after December 31, 2010. Proceeds from the tax change would be directed to fund state employee and teachers' pensions.

History: The Chamber has opposed legislation for many years that would have changed Maryland's corporate income tax system to one of combined reporting.

Chamber Position: Oppose

Position Summary: Instituting combined reporting would cause huge shifts in tax liabilities among Maryland businesses engaged in interstate commerce. Such a tax change is ill-advised during the depths of a recession, and while the Maryland Business Tax Reform Commission is evaluating the state's business tax structure. Excessive levels of public employee fringe benefits should not be funded through such mechanisms.

Position Statement: To view the Chamber's complete position statement, click here (pdf).

Chamber Staff: Ronald Wineholt

General Assembly: Click here to view the bill on the Maryland General Assembly's website.