It's a good day when you testify and have no opposition and no questions on your legislation.
That was the case today as MACPA members Mike Manspeaker (SEK) and Fran Korwek (pictured here outside the House Economic Matters Committee) testified in support of HB 328 – Accountants – Regulation – Preparation of a Compilation of Financial Statements (aka “Safe Harbor” legislation).
Fran was there also representing the Maryland Society of Accountants who were in support of this bill along with the DLLR. The bill was introduced by our sponsor, Delegate Brian Feldman (D – Montgomery County – Dist 15) and had no opposition signed up or questions from the committee.
This legislation will go to vote soon from the Committee and then onto the House floor. It has been cross-filed in the Senate (SB 370 sponsored by Senator Conway) and is set for a hearing next week on February 24, 2011.
Next up is SB 287 – State Board of Public Accountancy – Educational Requirements for the CPA exam (120/150) which we support and is scheduled for a hearing in the Senate EHEA Committee this Thursday.
Third is SB 741 Commercial Law – Debt Settlement Services has been filed and exempts CPAs from the legislation (we are changing our position from OPPOSE to NEUTRAL) will be heard on March 1, 2011 in the Senate Finance Committee. This will save all Maryland CPAs who perform tax services $500 per year as they will not have to comply with this new law.
Both the Sales Tax on Accounting & the Comparative Fault legislation that we oppose have not been introduced yet. That is our top five for 2011.
Overall we are on track for a successful session.
Other bills we are tracking:
HB 731 Combined Reporting – We are neutral and recommend a longer implementation time to educate taxpayers and tax preparers on this complex legislation.
SB 31 – Maryland Interest Rate on Tax Deficiencies & Refunds – Our State Tax Committee submitted a letter of support.
SB 209 – Corporations and Associations – Low-Profit Limited Liability Companies – Our Not-for-Profit Committee is evaluating this bill.
Here is a good resource for other business legislation from the Maryland Chamber.
Here is a brief video update of our legislative agenda from CPA Day as of week 5 of the 2011 session.