Tax News

CCH (cch.taxgroup.com) reports:

  The Maryland Comptroller's Office has announced that new reporting requirements are being imposed on certain multistate corporations and manufacturers, to provide the new Maryland Business Tax Reform Commission with the necessary information to review and evaluate the state's current business tax structure and make specific recommendations for changes for corporate income tax purposes. The new reporting requirements apply to all taxable years beginning after December 31, 2005, and reports are to be filed on or before dates specified by the Comptroller.

  Manufacturing corporations that have more than 25 employees and apportion their income under the single sales factor are required to file an information report (500MC) with the Comptroller's office. The 500MC forms for 2006 and 2007 are now available on the business forms page of the Comptroller's Web site. Additionally, except as provided in regulations that the Comptroller adopts, the reports required for a taxable year beginning before January 1, 2007, must be submitted as part of the corporation's tax return for the next taxable year beginning after December 31, 2006. The information report must be submitted in an electronic format specified by the Comptroller. The Comptroller's office will post regulations shortly on due dates, format, and other issues for multistate corporations subject to the new reporting requirements. The press release is available on the Comptroller's Web site at
http://business.marylandtaxes.com/taxinfo/requirements.asp.

Press Release, Maryland Office of the Comptroller, July 25, 2008.