Good news for Maryland businesses: State lawmakers are on the verge of amending some of the most onerous corporate reporting requirements in the nation.

Karen Syrylo, a member of the MACPA’s State Tax Committee, reports that the House of Delegates and the Senate have each passed a bill that would reduce the worst elements of corporate reporting requirements that were enacted during a special legislative session last fall.

The bills — House Bill 664 and Senate Bill 444 — call for a long list of changes to the reporting requirements. Read a list of the changes here.

The good news doesn’t end there.

• CPA “mobility” legislation has unanimously passed its first test in the House and now moves to the Senate. It’s good to see Maryland finally trying to jump on the mobility bandwagon. MACPA Executive Director Tom Hood reports that Kentucky has recently become the 18th state to pass mobility legislation. Many other states, including Maryland, have legislation pending.
• The Maryland Tax Preparer Act (Senate Bill 817) has been amended with CPAs’ recommended changes and now moves to the House for consideration.