Tax News

CCH (cch.taxgroup.com) reports:

Maryland Governor Martin O'Malley has released a budget that reflects more than $1.7 billion in cuts that will have to be made to balance the fiscal year 2009 budget if the General Assembly is unable to reach a consensus during the special session that is scheduled to begin on October 29. The Cost of Delay budget outlines more than $850 million in cuts that impact local jurisdictions and an additional $800 million in cuts to state agencies and programs.
During the past several weeks, the Governor has outlined plans to close Maryland's structural deficit by reforming Maryland's income tax structure, closing corporate tax "loopholes" so that all businesses pay their fair share, reducing the state property tax and reducing spending growth by more than $1 billion. The Governor has also proposed expanding the sales tax. Under the Governor's proposed reforms to the state income tax, reductions in the state property tax and sales tax proposals, the Maryland Department of Budget and Management estimates that 83% of Marylanders will pay less overall.
Subscribers to CCH Tax Research NetWork can view the details of the budget reductions and their impact on counties.
Press Release, Office of Governor Martin O'Malley, October 23, 2007.