The Joint Committee on Administrative, Executive and Legislative Review today gave conditional approval to the Comptroller’s emergency corporate reporting regulations with two changes:

1. The comptroller may abate a penalty for any reason (amendment by Sen. Paul Pinsky, D-Dist. 22)

2. The October 15 corporate reporting deadline is extended by 45 days (amendment by Sen. Nancy King, D-Dist. 39)

A third amendment, proposed by Sen. David Brinkley (R-Dist. 4) to reduce the daily penalty amounts to $1,000 failed.

Maryland Chamber Vice President of Government Affairs Ron Wineholt testified during the hearing, urging lawmakers to delay the reporting deadline and revise the harsh penalties. To view his testimony, click here (pdf).

Corporate Reporting Resources:

• Comptroller’s Website
• MACPA: Maryland Corporate Reporting Resources site here