Report Shows $60 Million In Annual State Tax Cuts Going To Wealthy Entities

Progressive Maryland released a report highlighting gaps in Maryland’s tax policy that prevent the state from bringing in almost $60 million in annual tax revenue from corporate sectors.

The 13-page report identifies seven sectors of Maryland’s tax policy that allow big businesses to take advantage of the state tax code. They are electricity deregulation, tax exemption on purchases of precious metals, subsidies for the coal/mining industry, excise taxes on boats, estate tax exemption, tax cuts for manufacturing, and the absence of combined reporting of corporate taxes..

Among the seven loopholes the report identifies, combined reporting has been one of the hotter economic debates. While some — such as Progressive Maryland — see it as a “no-brainer,” others are hesitant to enact the policy, including members of a commission set up to study the issue.
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