The governor's plan would result in smaller refund checks for two out of every 10 Maryland residents.
Thursday, January 19, 2012
By Dave Nyczepir, Capital News Service Gov. Martin O'Malley is proposing capping income tax deductions and rolling back income tax exemptions for Maryland's highest earners as part of his plan to close the $1-billion hole in the state's $14-billion operating budget. O'Malley's plan, unveiled Wednesday morning, Jan. 18, would begin capping deductions for Marylanders making more than $100,000 and reduce exemptions for singles making more than $100,000 and couples making more than $150,000. The exemptions would disappear for singles at $125,000 and couples at $175,000. The governor said that only two out of every 10 Maryland residents would receive a smaller amount in their refund check as a result. "In order to get us through this recession …
The Comptroller of Maryland has announced that the state will no longer send state tax booklets to local libraries and post offices.
Looking for 2011 Maryland State Tax forms? They won't be found at the Potomac Public Library. The Comptroller of Maryland has announced that it will no longer supply paper tax forms to local libraries or post offices. A CD-Rom containing the year's tax forms will be supplied to libraries, if requested. "The idea is that it saves the state money, so we'd like everyone to file electronically," said Caron Brace, spokesperson for the Maryland Comptroller office. "If someone has to mail it in, we're always going to try to accommodate, but in the grand scheme of things we're phasing out the paper." According to Brace, it costs the state $1.95 to process a paper return, compared to only $0.38 for an electronic return. Those who received tax …