Feb 6, 2012
Democratic leaders of the Maryland legislature say the state must cut a billion-dollar budget deficit during the just opened legislative session.
Maryland has 325 credits on its tax books, which were estimated to be worth six and a half BILLION dollars in 2010 alone. These tax credits are called “tax expenditures” to confuse everyone.
“Tax expenditures have become a lot more popular because corporate lobbyists have figured out they are easier ways to get subsidies from tax payers,” says Greg LeRoy, Director of Good Jobs First, a non-profit research group.
The credits give away an estimated 3.7 billion dollars to businesses, although it is not clear exactly which corporations get what, says Leroy. The state does not keep track.
Will Maryland legislators try to reduce business tax credits?
Don’t hold your breath. Last year, they killed off an attempt to end them.
The corporations are the main cause of the Maryland budget deficit, so get the money from them.