Certain tax information could be disclosed to the Maryland Small Business Retirement Savings Board to help in administering the Maryland Small Business Retirement Savings Program and Trust.
Legislation that created the state-run auto-IRA program that businesses can offer went into effect on July 1, 2016; it also created the Board to implement, maintain and administer the program and the trust.
The Bill, House Bill 86, would authorize the disclosure of certain tax information to the Board and its authorized contractors. Delegate Lily Qi (D-Montgomery) introduced it on Jan. 11.
While the bill would allow disclosure of certain tax information, it sets tight limits on those disclosures.
The tax information would include only tax information on business entities and could not include individuals’ tax information. It could only be used for the specific purposes the comptroller authorizes and in accordance with any protections and safeguards the comptroller puts in place.
If enacted, House Bill 86 would be effective June 1, 2023.
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