Comptroller Peter Franchot told the Maryland Association of CPAs last week that he will oppose efforts to initiate combined reporting in the next General Session. Add that to House Speaker Mike Busch's assessment of the prospects for the idea and it looks like the corporate tax restructuring measure may not be going anywhere for now.
Wednesday, December 09, 2009
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2 comments:
Adam- Just to be clear, that's not quite the message delieverd at the MD CPA's luncheon last week. The Comptroller is clearly on the record as being philisophically in support of combined reporting, but the devil in is the details. He told them he would review any legislation carefully and does believe in including the business community in the process.
In another part of the discussion, he made the general statement that while we are still feeling the effects of the national recession, he doesn't like the idea of raising or adding additional taxes, but that was not in specific reference to the combined reporting issue.
I am sure you want to have the most accurate information posted.
Joe Shapiro
Here is the direct quote from an eye-witness who wrote our source post:
"He said that while he philosophically supported combined reporting, there would be a major impact on some corporations and that it would not be appropriate to make the change during the current recession. In response to a question, he stated that he would oppose the adoption of combined reporting during the 2010 session of the General Assembly."
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