State Pushes Back Deadline for Corporate Income Records

Maryland lawmakers have pushed back the October 15 deadline for companies to send in records that the state plans to use in a study of Maryland’s corporate income tax structure. The new deadline is November 30, 2008. Under the revised reporting requirement (pursuant to the passage of Senate Bill 444), corporations that are members of a larger corporate group are required to file with the Comptroller certain specified information, including (but not limited to) information on the State income tax impacts of a single sales factor, and income apportioned to other states that might otherwise be taxed by the State. Hefty fines remain in place for late filing of this information - $5,000 per day for the first 30 days and $10,000 per day thereafter.