Senator Manno Proposes Bill in Response to Doomsday Cuts

An article by Len Lazarick and Daniel Menefee from Maryland elaborated on Senator Roger Manno’s SB 523 proposal that would:

increase the State individual income tax rate on specified amounts of income by 0.25%; requiring the Comptroller to waive interest and penalties for calendar year 2012 to a specified extent; repealing an obsolete provision; applying the Act to taxable years beginning after December 31, 2011; etc

The bill is reported to be a response to avoid the Senate’s “doomsday” cuts plan to close the State’s $1 billion projected budget shortfalls. Subsequently, the article states that Sen. Manno believes his bill would create $600 million in new revenue:

“My goal is to work for a broad based, pragmatic, fair and palatable revenue solution that offsets cuts to education and social services which would be more than any of us could bear,” Manno said.

This Post Has One Comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.