Richard Madaleno on Tax Reform
Voted YES to increase state income tax rates
This bill impacts State and local revenues as follows:
- increases State income tax revenues by (1) increasing State income tax rates and establishing new individual income tax brackets beginning in tax year 2012;
and (2) repealing the credit for telecommunications property taxes.
- increases sales and use tax revenues by (1) requiring specified out-of-state vendors to collect the sales and use tax; and (2) repealing the State sales and use tax exemption
for demurrage charges;
- expands the State refundable earned income credit
- increases the other tobacco products tax
- Reduces the public school maintenance of effort amounts counties are required to provide to local school systems.
Legislative Outcome: Passed Senate 26-20-1 on March 15; Sen. Madaleno voted YEA; passed House 81-56-4 March 23; bill did not proceed to Governor.
Source: Maryland legislative voting records: SB 523
, Mar 15, 2012