Posted on March 2, 2020

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) opposes Maryland legislation to tax financial advice. The proposal is part of a larger tax measure to generate additional state revenue. A hearing on the measure was held today.

In a letter to the Maryland House Ways and Means Committee IRI said, “…the imposition of a sales tax on services is an entirely new subject and should therefore be thoroughly examined before adoption in any form by the Maryland General Assembly. Given the brief time remaining during this year’s legislative session, coupled with the many other issues that now require the attention of our legislators, there is simply insufficient time to consider the implications of this bill.”

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