What Justin is working on right nowThank you for your interest in the bills that I have proposed for the 2012 General Assembly Session. If you have a suggestion for a piece of legislation or would like to discuss my legislative agenda, please do not hesitate to contact my office.
Below is a brief introduction to bills I am supporting this session.
- Combined Reporting
- PILOT-Payment in Lieu of Taxes
- Prince George's County Bag Tax
- Millionaires Tax
- Infrastructure Bank
- Corporate-Parent Teacher Conference
Combined ReportingFor the past several years, it has grown increasingly clear that Maryland needs to reform its corporate income tax policies. Under Maryland's current accounting system corporations can easily move taxable profits earned in Maryland to out of state subsidiaries in low or no tax states. As the State faces a daunting budget deficit, with numerous important public programs being cut or underfunded, we cannot afford to miss this chance to generate revenue rightfully due to the State. It is for this reason that Delegate Justin Ross will be introducing legislation that would implement a tax method known as combined reporting. Combined reporting would require corporations to take into account and report the combined income and expenses of all a company's subsidiaries and then allocate the appropriate amount to Maryland.
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PILOT-Payment in Lieu of TaxesOver 20 years ago, Baltimore City enacted a business incentive program named PILOT. Since its inception, PILOT has been influential in the restoration and redevelopment of the Inner Harbor area and is responsible for attracting 14 new contracts and creating over 4,000 jobs in Baltimore City. I join County Executive Baker in his efforts to enact a similar program for Prince George's County.
This program will be the leading force in attracting businesses to Prince George's County by providing tax incentives to develop in our community. PILOT will accomplish this by allowing businesses to be partially exempt from real county property taxes. In lieu paying property taxes, business will instead pay an annual fee to the County. Additionally, they will be required to create a minimum number of jobs for the community. This will allow us to develop are community while thinning unemployment in our County. Please help me and County Executive Baker in our efforts to pass this legislation.
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Prince George's County Bag TaxI believe the bag tax can do many great things for Prince George's County. First, this measure will allow us to take the first steps to becoming an environmentally friendly community. As a society we need to take the necessary steps now, to ensure our children will inherit a community that they deserve. Second, this bill will help our community grow. The money received from the tax will be reinvested into our County.
We spend over $2.5 million each year picking up litter. If we start acting now, we will not only help our environment, but our budget deficit as well. Please join me in supporting this tax so we can reinvest in our environment and our community.
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Millionaires TaxI support the reinstitution of the Maryland Millionaire's Tax. Maryland, along with the rest of the country, faces tough economic times ahead. Our State government has a $1.1 billion budget gap that needs to be addressed. At the end of 2010 (when the tax ended) the Millionaire's Tax raised over $120 million. Analysts have predicted that the tax, if enacted, this year will raise over $75 million. This is a sufficient amount that get can help Maryland back on its feet.
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Infrastructure BankI believe that we need to start reinvesting in Maryland. This year I would like to take a bill to the Assembly floor that would create the first Bank of Maryland. If we can create a Bank of Maryland this will help our State in four key ways:
1.) It will help ease the effects of a recession on Maryland. With an infrastructure bank to help buy loans, local banks can loan money in a time when they normally would not. Banks in a recession need keep a low loan-to-asset ratio. With a state bank, local banks can give out loans to businesses that are expanding while keeping an appropriate loan-to-asset ratio. This will create new jobs in a time where they are greatly needed.
2.) An infrastructure bank will help phase out big "Wall Street" banks. Instead of local banks having to turn to big "Wall Street" banks for help, they can turn to the state bank. Without a state bank, big banks receive all the profit as local banks are often have to sell parts of loans to larger banks. I would like to see local banks benefit, since they are the ones who originally invested in the community.
3.) This bank will be created to help Maryland and its people. One of the primary functions will be to help students receive a fair loan for their education, avoiding the outrageous interest rates currently charged.
4.) An infrastructure bank will help our State grow. The profits from the bank will only be used to make sure the bank can run at capacity. Whatever profits are left over will go into the Maryland budget, reducing the deficit and helping State programs that are in great need.
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Corporate-Parent Teacher ConferenceA parent's role in a child's education can be a determining factor in their academic success. Now more the ever, schools are providing ways for parents to be involved in their children's education, such as parent teacher conferences.
Unfortunately, some parents cannot attend these conferences due to their work schedules. I feel we need to make sure that parents can be present at these conferences without fear of repercussions at work. Since schools are making the extra effort, we need to ensure that parents can do the same.
With this legislation, we can make sure that parents can be involved and energetic about their children's education by mandating one day of unpaid leave per year for parents to attend parent-teacher conferences.
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