January 16th, 2016 by WCBC Radio
WBAL-TV reports it has obtained a draft copy of the long-awaited Augustine Commission Report on how to make Maryland more business friendly.
The panel is recommending cutting the corporate tax rate and advises against any cuts in K through 12 or higher education.
The bipartisan Augustine Commission spent months studying the effect of Maryland's tax structure on the state's business climate. A copy of their work in progress, dated Jan. 11, finds that Maryland taxes hurt the states' ability to compete.
"We felt it was our charge to fundamentally propose a manner in which we thought business could be helped," commissioner member Sen. Ed Kasemeyer said.
The report offers 14 recommendations. They include reducing the corporate income tax rate from 8.25 percent to 7 percent over three years.
They suggest providing an individual income tax exemption of $20,000 for pass through entities. These are business owners who file their company income on personal returns. The commission recommends accelerating phasing in increasing the earned income tax credit for households who make $53,000 or less.
Gov. Larry Hogan already announced he wants to expedite that and joked how long it's taking for the commission to release its findings.
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