Lawmakers this session addressed a $3 billion budget deficit by implementing targeted tax measures and enacting several business-related policies, while also shelving certain proposals. Included in the implemented measures is a tax on IT services, which replaced a broader proposed business-to-business (B2B) tax that was ultimately excluded from the final budget. In addition, proposals to increase property taxes on commercial and industrial buildings were not passed. Despite these wins, legislative leaders have yet to confront the core issues facing Maryland’s economic competitiveness and lacking business friendliness.
Quoted: Maryland Chamber President & CEO Mary Kane said Wednesday that the budget deficit “dominated every conversation” this year. Business leaders felt that some moves, like the tech tax, make the state less competitive for commerce. “We didn’t move in a positive direction this year, which is always our goal,” she said. “Just like our economy, we stayed stagnant.”
