Markell gets corporate tax increases approved

By Amy Cherry 3:50pm, April 10, 2014
A package of corporate tax hikes heads to Gov. Markell's desk for his signature.

The measures passed in a party-line vote in the state Senate with no Republicans voting in favor of the bills.

The legislation cleared the House last week in similar fashion.

The bills raise the annual tax on limited liability corporations by $50 to $300. The measure also increases the corporate franchise tax by $100.

Gov. Markell proposed the tax hikes to support his Fiscal Year 2015 budget. It's believed the tax hikes will generate an extra $50 million in revenues with most of the companies paying for it coming from out-of-state.

(Material from the Associated Press was used in this report.)

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