Personal Property Tax – Financial Institutions – Repeal of Tax Exemptions (HB 1048):
You and I pay our taxes, and most small businesses do as well. But a ten-year-old tax loophole allows banks to avoid paying some personal property taxes. Only a few years ago, the federal government bailed out Wall Street banks at taxpayers’ expense. It’s high time we made banks pay taxes like the rest of us, so I sponsored HB 1048 to repeal banks’ exemption from personal property taxes. The City of Takoma Park and other municipalities eagerly supported the bill but it encountered furious opposition from the bank lobbyists. Ultimately, the committee was not given the opportunity to vote on the bill. I’m committed to coming back next year and working on this legislation again.
Corporate Income Tax – Combined Reporting (HB 731):
Since long before I was elected, I have been an outspoken advocate of combined reporting of corporate income – the most effective way we can require multinational corporations to pay taxes in Maryland like ordinary businesses. This year, as lead cosponsor, I worked closely with lead House sponsor Delegate Justin Ross and Senator Paul Pinsky to present testimony, speak at news conferences and strategize with advocates. The House passed this bill in 2007 and has the votes to do so again. Sen. Pinsky and other key Senators remain hopeful that the Senate may finally pass combined reporting in 2012. With more budget cuts on the horizon, we need the projected $100 million this bill would generate to protect vital services.