State Comptroller considering an extension of the income tax deadline.
Annapolis, Md (KM) There could be some rough times ahead for Maryland’s economy due to the coronavirus. “This virus is going to cause enormous damage to the economy of the state of Maryland, and we have to brace for that,” say Maryland Comptroller Peter Franchot.
In most instances, Franchot says disruptions could happen to supply chains when workers become sick. These supply chains provide products, services and supplies to the state’s businesses, and a large number of people out sick could mean difficulty in getting goods, services and supplies to companies, causing a slowdown.
Among the businesses taking a bit hit is the hospitality industry, with the cancellation of conventions, major meetings and sporting events, which bring in people from outside of the areas who pay for rooms and meals and spend money at other local businesses.
Franchot says this will impact revenues which are used to pay for services provided to Marylanders. “We have enough in reserve to do that. But I can promise that the revenue estimates we approved yesterday {Thurs} are simply a place mark. It’s so volatile, so unpredictable, but I guarantee they’ll be major reductions in both county, state and local revenues,” he says.
With all of this bad news, Franchot says his office is looking at extending the tax-filing deadline beyond April 15th, although no decision has been made. “We’re working exactly on what the dates are going to be,” he says. “But I want to make sure people know we have their backs as far as small business in particularly, and individuals.”
Anyone who is expecting a refund from the state should file their tax return as soon as possible, Franchot says.
By Kevin McManus