More guidance is available for CPAs regarding the implications of the U.S. Supreme Court’s “Wynne” ruling, which struck down Maryland’s income tax law because it does not provide state residents with a full credit for tax paid on income that they earned in other states.
Maryland Comptroller Peter Franchot’s staff has updated its list of questions and answers surrounding some of the key issues related to the Supreme Court’s decision, including the following:
Among the most notable additions to the FAQs is a link to Form 502LC, “State and Local Tax Credit for Income Taxes Paid to Other States and Localities.” That form also will be available to approved software vendors via the Tax Form Updates page on the comptroller’s website.
Read the FAQs in their entirety, and check frequently for updates. Officials with the Comptroller’s Office say the document will be updated as additional information becomes available.
Meanwhile, Gov. Larry Hogan is urging eligible Maryland taxpayers to apply for Wynne-related refunds. Watch Hogan’s press conference here: