Comptroller to Unemployment Insurance Recipients: Prepare for Higher Tax Bill

Comptroller Peter Franchot is urging Maryland taxpayers who are collecting unemployment insurance to plan for the potential loss of Earned Income Tax Credits (EITC) that they would normally receive. The EITC is a benefit for people with low-to-moderate-incomes. Taxpayers who meet all of the federal requirements may be eligible for a Maryland credit up to half of the federal EITC, but not greater than the state income tax. While unemployment insurance is taxable, it is…

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Montgomery Council Approves Growth and Infrastructure Policy, Ends Building Moratorium

Yesterday, the Montgomery County Council approved the 2020-2024 Growth and Infrastructure Policy, formerly known as the Subdivision Staging Policy to support necessary infrastructure and new development. The policy ends the County's residential building moratorium at the end of this year, and incorporates several smart growth actions. Included in the policy are changes related to schools, transportation and taxes. The Council voted to eliminate the countywide development moratorium and replace it with a three-tiered Utilization Premium…

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Fitch Affirms Carroll’s AAA Bond Rating

Fitch Ratings this week assigned AAA ratings to the following Carroll County general obligation (GO) bonds: $29.4 million consolidated public improvement and refunding bonds of 2020 (Series A) $25.3 million taxable refunding bonds of 2020(Series B) The GO bonds are backed by the County’s full faith and credit pledge and its unlimited taxing power, for which the County is empowered and directed to levy unlimited ad valorem taxes. The Rating Outlook is Stable. In addition,…

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Feds Bless SALT Cap Workaround for Pass-Through Businesses

The U.S. Treasury Department and Internal Revenue Service (IRS) today released a notice regarding proposed regulations to clarify that state and local income taxes (SALT) imposed on pass-through entities (PTE) are not subject to the $10,000 cap on SALT deductions, which applies only to individuals. The SALT deduction allows taxpayers, as part of their itemized deductions, to subtract state and local income, sales, and property taxes from their federal tax payment. Congress in 2017 capped…

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Pandemic Prompts Howard’s Spending Affordability Committee to Convene Ahead of Schedule

County Executive Calvin Ball today announced that Howard County's Spending Affordability Advisory Committee (SAAC) for FY 22) will convene earlier than usual to allow more time for the committee to digest, discuss, and offer constructive advice to the County amidst the COVID-19 pandemic. The SAAC is a non-partisan body charged with providing policy advice to the County Executive on fiscal planning. The committee -- which is made up of several residents representing different disciplines and…

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Montgomery Residents Vote to Remodel Property Tax Structure, Expand Council Membership

Through votes on four proposed charter amendments, Montgomery County tackles Council representation and property tax calculations. Unofficial results from the Montgomery County election point toward approval of Questions A and C by comfortable margins. Currently, Montgomery County has a limit on the amount of revenue that can be generated through property taxes that is tied to the previous year, and inflation. This requires the Council to set a rate each year that ensures they do…

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Hogan Weighs In on Statewide Ballot Questions
ArtJane (CC0), Pixabay
Hogan Weighs In on Statewide Ballot Questions

Governor Larry Hogan yesterday announced his position on two statewide ballot measures up for consideration by Maryland voters on the November 3 ballot. Governor Hogan opposes Question 1, a constitutional amendment which would authorize the General Assembly, in enacting a balanced budget bill for fiscal year 2024 and each fiscal year thereafter, to increase, diminish, or add items -- provided that the General Assembly may not exceed the total proposed budget as submitted by the…

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MD Casino Revenues Tick Up for First Time Since Pandemic

Operating at 50% capacity, casino revenue increases 1% compared to September 2019 For the first time since their three-month shutdown due to the COVID-19 pandemic, Maryland’s six casinos have produced a year-over-year increase in gaming revenue. While COVID-19 restrictions continue to limit casinos to 50% of their capacity, September 2020 gaming revenues totaled $143,709,268, an increase of $1,486,131 (1%) compared to the September of 2019 total of $142,223,137. Four casinos saw increases from their September…

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