Md. State Sen. Pinsky Pushes To Close Tax Loophole

ANNAPOLIS, Md. (AP) — A group of Maryland lawmakers want to close a tax loophole for large businesses that operate in multiple states.

Sen. Paul Pinsky, a Prince George’s County Democrat, said Tuesday that Maryland is still using a tax policy that favors large multistate corporations over small businesses in the state.

Currently, large corporations with businesses in Maryland can transfer profits earned in the state to out-of-state subsidiaries to avoid paying corporate income tax.

Twenty-three states have adopted combined reporting, including New York, California, Michigan, Illinois and Texas.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Comments

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Baltimore

Track Weather On The Go With Our App!
Your Podcast Network Play.it

Listen Live