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Maryland official: report on tax overhaul set for this month

(The Daily Record / Maximilian Franz)

(The Daily Record / Maximilian Franz)

ANNAPOLIS — Maryland’s tax collector says a report on how the federal tax overhaul will affect the state will be released in a few weeks.

Comptroller Peter Franchot said Wednesday the new law has resulted in a lot of confusion and anxiety among tax professionals, state and local governments and taxpayers across the country.

Gov. Larry Hogan is planning to introduce legislation to mitigate the impact on Maryland taxpayers who could end up paying more taxes, because of a cap on federal tax exemptions and deductions.

Franchot, a Democrat, says the report later this month “will be a comprehensive analysis on the winners and losers” under the overhaul.

The tax overhaul imposes a $10,000 limit on the sum of property and state and local income taxes that a household can deduct.