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Annual Corporate Filing Fee Would Be Raised Based on Company Assets

Maryland businesses have come out strongly against a proposed change in an annual corporate filing fee that would go from a flat fee structure to a progressive tax based on a company’s assets.

The annual corporate filing fee is currently a flat fee of $300 in order to maintain the legal entity’s existence in the state; the progressive tax could climb as high as $4,000 based on a company’s fixed assets.

Sponsors of the bill say they’ve received massive support from constituents with small businesses.

“This bill is about fairness,” said the bill’s sponsor, Del. Vanessa Atterbeary, D-Howard County. “And it attempts to put businesses on a graduated scale based on their taxable assets.”

Read the full article from The Maryland Reporter.

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