He hopes this will be a “bridge over troubled water” for businesses, individuals in the state
Annapolis, MD (KB) Comptroller Peter Franchot hopes a delay for business tax returns and payments will help “keep the lights on” for Maryland businesses and individuals.
The Comptroller’s agency announced Wednesday that it has extended filing and payment deadlines for certain Maryland business taxes until April 15, 2021.
“They won’t suffer any interest additions, any penalties that they have to pay,” he explained. “They can wait for 90 days and then pay us the taxes that are due.”
The tax returns and payments would normally be due in January, February, and March.
The Comptroller said this is particularly helpful for small business owners and self-employed individuals, as he estimates this directive will keep more than $1 billion in consumers’ pockets.
Franchot said the same action was taken last year and worked “well.” The forbearance gave businesses and individuals a sense of “security” and “relief” in the early stages of the COVID-19 pandemic back in 2020.
The Comptroller said he decided to take action himself for financial relief, as he has advocated for a one-time Maryland stimulus payment in the past.
“I have been asking the state of Maryland to do its own Maryland stimulus and I finally got tired of begging people to do the right thing,” he said. “I did something myself, as Comptroller.”
Franchot went on to say that if legislators agree to a state stimulus check, he has the ability to distribute the money quickly.
“I don’t control that. That’s something the Governor and the legislative leadership have to agree on,” he said. “However, if they do agree on it, which I think they should, I could get the money out literally tomorrow.”
The Comptroller’s Office has established an email address to assist businesses with extension-related questions. That address is: email@example.com.