Resources for Today’s Hearing on Reducing Maryland’s Corporate Income Tax Rate

Today, the Senate Budget and Taxation Committee will held a hearing on Senate Bill 8, which would reduce Maryland’s corporate income tax rate by .45% each year for 5 years, from 8.25% to 6%. We have submitted testimony opposing the bill, because cutting the corporate income tax in Maryland would harm the state’s economy and budget, and increase inequality.

Hereis our recently released report on the impact of reducing the corporate income tax in Maryland, as well as a two-page Policy Snapshotthat highlights the key points from the paper.

Last fall, the Department of Legislative services also released a study on the cost of a corporate tax cut in Maryland. You can also find the DLS Fiscal and Policy note on Senate Bill 8 here.

The Washington Post also published a related blog post yesterday: Want to help the middle class? Don’t kill corporate taxes

Check back here at Maryland’s Money Matters for more on the ongoing debate about corporate tax policy in Maryland.