The Comptroller’s Office recently released “THE 60-DAY REPORT – Effects of the Federal Tax Law Revisions on the State of Maryland.” From the report and as reported by MarylandReporter.com,
New federal tax laws will benefit most Marylanders in the short term and especially help those with children, but are likely to reduce charitable contributions, a comprehensive analysis released Thursday by the state comptroller predicted.
As state law stands, Maryland’s tax deductions are based on those at the federal level.
Without changes in state law, Maryland taxpayers will pay upward of $572 million more in state and local taxes in the 2019 fiscal year, while their combined federal tax burden would decrease by $2.8 billion, state officials said.
Following the issuance of this report, the Governor announced he plans to seek legislation to protect Maryland taxpayers from state and local tax increases. House and Senate leaders are expected to announce their plan this week.