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.
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