Vendor Timely Filing Discount Twice As Nice

ANNAPOLIS, MD (July 3, 2006)-Comptroller William Donald Schaefer today announced that the discount for timely filing of sales and use tax returns for collections not exceeding $6,000 has been restored to 1.2 percent and the vendor discount for timely filing for collections more than $6,000 has been restored to 0.9 percent. Vendors should take the higher discount effective with the July 2006 return due Aug. 20, 2006.

"Sales and use tax is our second largest source of general fund revenue in Maryland," said Comptroller Schaefer. "Restoring the vendor benefit rewards Maryland business owners who work hard and get their paperwork and taxes in on time."

In 2004, the Maryland General Assembly reduced the benefit by half, to 0.6 percent, for collections not exceeding $6,000 and 0.45 percent for collections more than $6,000, for a period ending June 30, 2006.

For more information, see visit www.marylandtaxes.com.

MEDIA CONTACTS:
Michael D. Golden, 410-260-7305
Kevin P. Kane, 410-260-7578