An article by Len Lazarick and Daniel Menefee from Maryland Reporter.com 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.