Report: State Lost Billions by Not Closing Corporate Loopholes
A liberal-leaning think tank is pressing for passage of a series of revenue bills targeting business loopholes and tax breaks ― by looking back at what could have been.
The Maryland Center on Economic Policy released a memo on Thursday detailing $2.8 billion in revenue that could have been raised by their bill package if lawmakers had passed the measures last term.
The center, which produced the memo independently, is part of the Fair Funding Coalition, which is pressing for passage of 10 bills that they say would close corporate loopholes, end policies that benefit special interests and establish a more equitable income tax system in the state.
The goal of the proposals is to raise dedicated revenues to help the state cover the costs of Kirwan Commission education reform proposals, which could become substantially more expensive in coming weeks as lawmakers consider tweaks to relieve local spending mandates.
Read more: https://www.marylandmatters.org/2020/02/28/report-state-lost-billions-by-not-closing-corporate-loopholes/