Mon, Jan 29, 2018
An analysis of the impact of the federal tax overhaul was released by Comptroller Peter Franchot on Thursday. The report estimates that 71 percent of Maryland taxpayers would pay less in federal taxes next year, saving an average of $1,475 a taxpayer. 13 percent of Maryland taxpayers would pay more and 16 percent would see no change.
The comptroller’s report indicates that two-thirds of residents would see their Maryland tax bills unchanged, but 28 percent would see them go up and four percent would see a cut. The full report can be viewed here
Governor Hogan announced that he is submitting the Protect Maryland Taxpayers Act of 2018 to mitigate the impact of the federal tax code by allowing taxpayers to continue claiming deductions on their state returns that they are set to lose under current state law, which says residents can only itemize their state returns if they also itemize their federal returns