Summit: Fixing Tax Policies Will Attract, Retain Businesses

Maryland’s businesses will continue to leave for surrounding states unless the state changes its tax policies.

That was the conclusion of panelists at Thursday’s business summit, at which participants listed corporate and inheritance taxes as major reasons businesses leave. A Change Maryland study found roughly 6,500 businesses have left the state since 2007.

Virginia has a significant lead in attracting the headquarters of Fortune 500 companies. Last year, Virginia had 24, compared to Maryland’s three.

“We’re slipping in terms of our demographics. We’re slipping in terms of our business community, both small and large,” said panelist Anirban Basu, CEO of Baltimore consulting firm Sage Policy Group.
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