The appointment of David Roose, who is familiar to big corporate taxpayers because of his work on revenue estimating, as the new Deputy Comptroller is not an indication that the state is moving towards combined reporting , Peter Franchot, Comptroller of Maryland, told Walt Nagel, Don Griswold, and Jeremy Abrams, all with Crowell and Moring's state tax team. Franchot's comments were part of a larger interview in which he spoke candidly about current tax issues facing the state, including internet taxation and remote sellers. [full text of interview available here].
I would be stunned if the Legislature moved forward with combined reporting, Franchot said. He explained that while combined reporting is well intentioned, it would be destabilizing to the state's business reputation and, as Roose's studies show, it is very schizophrenic as far as the revenue that it generates. Some years, it does produce revenue and other years, the state would lose revenue, he said. "And so I often say to anyone lobbying on this issue, if they run into a legislator that supports combined reporting, ask them whether they support the Finnegan or the Joyce method. That tends to quiet them down pretty quickly!"
Franchot explained that while combined reporting is kind of a cause célèbre with some factions in the Legislature, in the midst of a weak economic recovery and after the steady series of tax and fee increases, it would be really bad timing for businesses and the economy. In a nutshell, it has questionable benefits and carries significant risk, Franchot said.
In other developments…
State Tax Quarterly Insights , by PwC.
States Rack Up Victories in Bids to Collect Online Sales Taxes , by Stateline, The Daily News Service of The Pew Charitable Trusts.
Tax Foundation Figures Do Not Represent Typical Households' Tax Burdens , according to the Center on Budget and Policy Priorities.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)