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City Could Lose $550,000/yr

It looks like our city may lose more than half a million dollars per year in tax revenue. Now that is a significant amount in its $1.3 million dollar annual budget – nearly 5%.

College Park officials are worried that a June state Courts of Special Appeals ruling could eventually allow the University of Maryland, College Park, to take a major bite out of the city’s tax revenue.

UM and the University System of Maryland are looking into whether the university would be exempt from the city’s admissions and amusement tax, to which UM pays as much as $550,000 a year. The tax is charged on admission to intercollegiate athletic events at the school.

More here:

http://www.gazette.net/stories/12312009/collnew121057_32551.php

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