Companies in Maryland will have more time to file business-related taxes under a change announced by Comptroller Peter Franchot Wednesday.
The June 1 extension is designed to give businesses affected by the the novel coronavirus more time to file and “protect the financial health of our economy,” Franchot said in a statement. A similar extension is also likely to be granted for individual income tax returns, but that decision has not been made yet.
For now, the extension applies to certain business returns with due dates during the months of March, April and May. Those business filings include;
* Sales and use tax
* Withholding tax
* Admissions and amusement tax
* Alcohol, tobacco and motor fuel excise taxes
* Tire recycling fee
* Bay restoration fee returns
Spokesperson for the Comptroller, Susan O’Brien, said the idea behind the extension is to give affected businesses a chance to recover from any losses related to social distancing and other actions aimed at reducing the spread of coronavirus. The hope is that if concerns surrounding the virus are lowered by April, people will start going out and spending money again in time for businesses to be more stable by the time taxes are due in June.