Progressive Maryland says there is more than $300 million in revenue for the state if Annapolis would just eliminate many of the tax loopholes that now dot its tax code.
The public interest group says topping the list is the combined income reporting provision in the tax code for corporations that the organization says could average $60 million in new money.
Matthew Weinstein, a consultant with the group, notes that 24 other states including New York and California have such laws that would curb end runs around the tax code.
He said, “Combined reporting is the best practice, state of the art way, of closing state corporate loopholes to make it impossible in comprehensive way for corporations like Wal-Mart to hide their income, their profits out of state."
The measure is currently being held up in the state senate.
Kate Planco Waybright, the interim executive director, notes that with the state bracing for the impact of the $85 billion sequester such monies would help defray the costs of programs for those in need.
Other items on the organizations list are the telecommunications sales tax exemption that costs the state $75.3 million and a special inheritance exemption for siblings that runs $42.7 million.
“We can and we should pay for the programs that the most vulnerable of us depend upon.” She added that, “By ending these give always, that's an easy first step to help Maryland do so.”
