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Comptroller Lierman provides temporary relief for Maryland business taxpayers following the Key Bridge collapse.

by | Apr 1, 2024 | 2024, Small Business, Tax Credits and Deductions, Taxes | 0 comments

Comptroller Brooke E. Lierman has stated that the Office of the Comptroller will waive late payment penalties and interest for Maryland businesses until May 31, 2024, to address the economic effect of the Francis Scott Key Bridge collapse. According to investigators, two men were slain and four others are still missing and considered dead.

Maryland Governor Wes Moore declared a state of emergency, allowing state agencies to activate emergency preparations and deviate from established norms.“While the full economic impact of the Key Bridge collapse and the resulting closure of the Port of Baltimore to shipping is currently unknown, we do know there are businesses in Maryland that will see an immediate impact on their bottom line, and workers who could receive smaller paychecks as crews work to reopen the shipping channel,” Comptroller Lierman explained. “Our hope is that this waiver will allow both the state and Maryland business taxpayers to focus on the important tasks at hand to safeguard our state’s financial wellbeing, rebuild after this week’s tragedy, and adjust to the changes that have come about to the business environment.”

The Port of Baltimore benefits the local, regional, and national economies by generating employment, tax money, and revenue for firms involved in cargo handling, shipping, and receiving. Recent research shows that cargo and cruise activities at the Port of Baltimore’s State-owned and commercial marine facilities resulted in over 51,000 employment and $5 billion in personal pay and salary income for Maryland citizens in the previous year. The Port of Baltimore produced $647.1 million in state and local tax revenue in 2023.

Late payment penalties and interest will be waived for company files for the following tax categories with due dates between January 1, 2024 and May 31, 2024:

The following taxes apply:

  • employer withholding,
  • sales and use tax,
  • tobacco tax,
  • motor fuel tax,
  • admissions and amusement tax,
  • tire fee,
  • bay restoration fee
  • transportation network fee.

If payment is received before May 31, 2024, all late payment interest and penalties will be waived. Businesses do not need to seek this waiver, since it will apply automatically.

Business taxpayers may now file using the Maryland Tax Connect system, which was launched in February. The deadline for filing personal income taxes or filing for an extension is April 15, 2024.

The Office of the Comptroller will monitor the impact of the bridge collapse on the business community and make necessary policy changes during the state of emergency. The agency intends to investigate how the collapse would impact Maryland’s revenue forecast and economic performance in the following months.


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