ANNAPOLIS — Comptroller Peter Franchot announced that he is extending the state income tax filing deadline by three months until July 15.
No interest or penalties will be assessed if returns are filed and taxes owed are paid by the new deadline.
The extension, which applies to individual, pass-through, fiduciary and corporate income tax returns, including first and second quarter estimated payments, is due to recent and pending legislation at the state and federal levels that impact 2020 tax filings and provide economic relief for taxpayers harmed by the COVID19 pandemic.
In Maryland, the passing of the RELIEF Act in February, required extensive revisions to previously released forms and software programs used by tax filers and tax software vendors.
Legislative veto overrides that took place later than usual prompted additional changes.
At the federal level, the passage of a third stimulus package this week necessitates more changes to federal and state forms even as the traditional April 15 tax filing deadline approaches.
As of now, the IRS has kept its filing and payment deadline at April 15. The Comptroller’s Office will notify taxpayers if the IRS makes any adjustments.
Taxpayers who already have filed their state returns and are awaiting the revision of forms to amend their taxes to take advantage of an Unemployment Insurance subtraction should remain patient.
The third federal stimulus bill provides additional Unemployment Insurance tax benefits, which requires more updates to both state and federal forms.
Taxpayers who intend to take advantage of the UI subtractions are advised to wait until April 15, when all state forms will be ready with federal and state legislative changes.
Comptroller Franchot noted that revisions to tax forms usually take several months and occur before the start of tax season. The multiple extensive changes in the midst of the tax season is unprecedented.
