He says the exact impact on Maryland from this tax law is unknown.
Annapolis, Md (KM). The federal tax overhaul bill passed by Congress and signed into law by the President could mean some Marylanders will see their taxes go up. That’s according to Governor Larry Hogan.
During Wednesday’s Board of Public Works meeting, the state’s chief executive announced legislation he’ll be introducing to the General Assembly next year. “Our Administration will be submitting legislation at the very beginning of the session next month which will protect Maryland taxpayers and which will mitigate any negative impact of these changes to state taxes,” he said. His announcement was followed by applause.
The Governor says this new law will eliminate some long time federal tax deductions and exemptions, and could mean additional revenue of “hundreds of millions of dollars” for state government. “Our goal will be to leave all of that money in the pockets of hardworking Marylanders,” he said. “And I’m confident that our partners in the General Assembly who have expressed concern over the impact of the federal bill that they will support us unanimously.”
Hogan said right now, it;s difficult to say what impact this new law will have on Maryland.
By Kevin McManus