Maryland Comptroller Peter Franchot announced Wednesday that his office is deferring certain taxes for 90 days to help small businesses stay afloat and stimulate the local economy.
Many small businesses and families across Maryland continue to struggle as the number of Covid-19 cases soars and the rollout of vaccines remains sluggish. By delaying collection of taxes, Franchot said businesses will receive what amounts to between $1 billion and $1.5 billion in “immediate and temporary relief.”
The deadline for business taxes and quarterly estimated income tax returns and payments that would be due in January, February and March has been extended to April 15. No interest or penalties will be assessed and businesses do not need to file a request for extension.
