Legislators have introduced approximately 2,573 bills, with 1,567 House bills and 1,006 Senate bills introduced so far. Below are the meetings and bill hearings that were held last week.
On Tuesday, the House Ways & Means Committee held a hearing on House Bill 185: Commission on Tax Policy, Reform, and Fairness, which would require the Commission to make recommendations regarding changes to the State’s revenue structure. MTC provided testimony in support of the bill, but requested an amendment to be included as a member to the Commission. On Wednesday, the Senate Budget & Taxation Committee held a hearing on Senate Bill 263: Opportunity Zone Tax Deduction Reform Act of 2020, which requires a person to add back to Maryland adjusted gross income or Maryland modified income the amount of capital gains deferred or excluded under the federal Qualified Opportunity Zones Program. Only one senator asked a question, which may reflect the fact that the Committee already knows that it will be working over the next several weeks to resolve how to raise revenue among the various proposed tax bills introduced.
On Thursday, the House Health & Government Operations Committee held a hearing on House Bill 134: Health Insurance – Prescription Insulin Drugs – Limits on Copayment and Coinsurance, which requires an insurer, nonprofit health service plan, or health maintenance organization that provides coverage for prescription drugs to limit the cumulative amount a covered individual is required to pay in copayments or coinsurance for a covered prescription insulin drug to no more than $100, regardless of the amount or type of insulin needed to fill the covered individual’s prescriptions. MTC chose to monitor the bill. Cigna and CareFirst testified in opposition and blamed the high cost of insulin on pharmaceutical companies and that the bill would do nothing to bring down the cost of these drugs. Cigna and CareFirst promised to supply the committee with additional information in furtherance of their opposition to the bill.
Wednesday, February 12th will be an especially busy day for MTC, as numerous tax bills impacting members will be heard:
- House Bill 222: Income Tax Rates – Capital Gains Income
- House Bill 223: End Ineffective Business Subsidies Act of 2020
- House Bill 224: Opportunity Zone Tax Deduction Reform Act of 2020
- House Bill 295: Corporate Income Tax – Combined Reporting
- House Bill 525: Phase Out Company Giveaways Act
- House Bill 565: Income Tax – Business and Economic Development Tax Credits – Termination
- Senate Bill 397: Sales and Use Tax and Personal Property Tax – Exemptions – Data Centers