Senators Kathy Klausmeier and Senator Allan Kittleman worked with RMI as “lead” sponsors of Senate Bill 658. The idea for the bill came from RMI Board Chair Drew Greenblatt, and it will benefit companies in Maryland. Senators Klausmeier and Kittleman serve on the RMI Board of Directors and are advocates for manufacturing.
Other cosponsors are: Senators Astle, Colburn, Forehand, Garagiola, Glassman, King, Middleton, and Peters.
Senate Bill 653 – Bill Summary: This bill would re-couple Maryland’s income tax standards for expensing of business property with the federal Internal Revenue Code for purposes of Section 179 expensing and bonus depreciation. SB653 would allow accelerated tax depreciation for equipment purchased by Maryland businesses, a benefit enjoyed by manufacturers in neighboring states – putting Maryland Manufacturers at a competitive disadvantage.
All companies are encouraged to contact their elected representatives to support the bill. It is easy to do. Go to the “Contact Your Legislator” link below, type in your address, and the system will show your representatives. It will allow you to send a letter and email, you may also call the representative’s office.
March 4, 2012
The Honorable Edward J. Kasemeyer
Chair, Senate Budget and Taxation Committee
3W Miller Senate Office Building
Annapolis, MD 21401-1991
Dear Chairman Kasemeyer:
On behalf of the manufacturing members of the Regional Manufacturing Institute, I am writing in support of SB653 – Income Tax – Expensing of Business Property and Bonus Depreciation.
Maryland manufacturing provides good paying jobs and SB653 keeps open the doors of opportunity for small to medium sized companies to be more competitive and to create more jobs. Manufacturing is in the news at all levels of government because America and Maryland need to rebuild manufacturing.
This bill will allow companies to be on an equal playing field with neighboring states. Your consideration is appreciated and your support needed. Please share with other members of the Senate Budget and Taxation Committee.
Michael Galiazzo, Ph.D.
President, RMI of Maryland