On January 29, Legislative Director Kevin Kinnally submitted written testimony to the Ways and Means Committee in opposition to HB 124 – Income Tax – Subtraction Modification – Losses From Theft or Fraud.
This bill allows, subject to certain limitations, an income tax subtraction for losses from retirement assets resulting from theft or fraud.
Counties enter this Session facing heightened economic uncertainty, rising costs, and growing concern about federal funding instability that directly affects local budgets and service delivery. At the same time, counties continue to absorb new or expanded responsibilities without reliable, ongoing funding, making local revenue stability more critical than ever.
Counties are eager and committed partners in promoting economic growth and creating opportunity − and prefer local autonomy in determining the best way locally. The Maryland Association of Counties (MACo) opposes state-mandated reductions in local revenue sources, but welcomes flexible, optional tools to serve and respond to local needs and community priorities.
MACo urges the Committee to primarily consider state income tax
credits as the best means to incorporate local tax relief into a broader policy. MACo and county governments stand ready to work with state policymakers to craft flexible, optional tools to deliver broad or targeted tax incentives, but resist state-mandated changes that preclude local input.
More on MACo’s Advocacy:
