Greater Baltimore Committee president and CEO Donald C. Fry nominated Steven J. Banks, vice president and director of finance and corporate tax for the T. Rowe Price Group, to represent the GBC on the Maryland Business Tax Reform Commission.
The commission was created by the General Assembly during the November 2007 special session as an alternative to passing a “combined reporting” income tax requirement for Maryland corporations that do business in other states. During the 2008 session, lawmakers added representatives from the GBC and the Maryland Manufacturers Association to the panel, along with three accountants or lawyers who are familiar with Maryland’s corporate income tax law.
Banks, the GBC nominee, is an expert on the intricacies of Maryland’s tax system. He joined T. Rowe Price in 1992. In addition to being a vice president of T. Rowe Price Group and its subsidiaries, Banks is director of finance and corporate tax in the CFO group of T. Rowe Price Associates. Prior to 1992, he was a senior tax manager with Price Waterhouse. A graduate of the University of Maryland School of Law, he has been a CPA since 1983 and a lawyer since 1986.
The 19-member commission was created to study the potential impact of adopting a combined reporting system and other business tax options. It will analyze data that multi-state corporations are required to submit to the Comptroller’s office through 2011 and make tax reform recommendations to the General Assembly and the Governor. Interim recommendations are due from the commission by December 15, 2010 and final recommendations are due December 15, 2011.