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Maryland grants 90-day tax payment extension

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ANNAPOLIS — Comptroller Peter Franchot initiated a 90-day extension for Marylander’s to make their income tax payments, aligning with the federal government’s tax extension announced yesterday.

U.S. Treasury Secretary Steven Mnuchin said on March 17 that corporations owing less than $10 million and citizens who owe less than $1 million will not have to pay their 2019 income tax debt until July 15. Franchot announced the same day that Marylanders will receive that same relief from the state.

People are still required to file income tax returns by April 15.

No interest will accrue and not penalties will be applied if tax payments are made after April 15.

Taxpayers who utilize the federal extension to file their return will continue to be automatically granted an extension on their Maryland tax filings with no additional extension forms required.

Fiscal year filers are also eligible for the July 15, 2020 extension for tax years ending January 1, 2020, through March 31, 2020.

According to Franchot, extending the due date for Maryland state individual and business income tax payments helps keep cash flowing in the state’s economy and into employees’ bank accounts.

“Right now, Maryland taxpayers and businesses must stay focused on their health and keeping their lights on, both in their homes and businesses,” Franchot said in a press release.

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by AvenueNews.com

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