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Daily Record: Franchot extends deadlines for Md. business tax payments

Maryland businesses that were expected to make their sales and use tax payments Friday now have until June.

Comptroller Peter Franchot announced the deadline extension Friday for all businesses with returns due in the months of March, April and May. The delay is in response to the ongoing COVID-19 pandemic. The announcement coincides with official word that the federal tax return deadline would be extended from April 15 to July 15.

“Our state’s top priority is safeguarding public health for Marylanders, but we must also protect the financial health of our economy,” said Franchot. “This extension will provide much-needed relief to our business owners as they adjust to changes in consumer behavior, tourism trends and employee workforce output.”

Businesses that paid their March tax payments early may request a refund, according to the comptroller’s office.

The extension applies to businesses with sales and use tax payments as well as those expected to pay withholding, admissions and amusement, tobacco, and motor fuel taxes as well as tire recycling and bay restoration fee returns.

As part of the delay includes a waiver of interest and penalties, according to the comptroller’s office.

The state is also extending the April 15 deadline for state income taxes to July 15. Both corporate and personal income taxpayers will be able to pay their 2019 taxes 90-days later without any penalties nor interest.

Those who file on a fiscal year schedule with tax years ending between January and March are also eligible for an extension to July 15.

The due date for March quarterly estimated payments is extended to July 15.

Franchot’s announcement is the latest in a series related to the COVID-19 virus in which the state has sought to ease financial pressures on businesses.

Earlier this week, Franchot announced that he will not enforce limits on craft beer and distilled spirits purchases made at craft breweries, wineries and distilleries. The limits for those same products do not apply on purchases made in liquor stores.

Franchot has also called for the state to use money from its rainy day fund to help see businesses through the response to the pandemic.

“I believe it is imperative that the state of Maryland borrow, at a minimum, $500 million from the state’s rainy day fund and push it out the door as quickly as humanly possible to these business owners,” said Franchot. “Because, quite honestly, they don’t even know how they’re going to survive the next few days without customers or cash flow.”

https://thedailyrecord.com/2020/03/20/franchot-extends-deadline-for-md-business-tax-payments/


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