Loading chat...

MD HB1101

Bill

Official Source

Status

Introduced

2/5/2025

Primary Sponsor

Wayne Hartman

Click for details

Origin

House of Delegates

2025 Regular Session

AI Summary

  • Reduces Maryland's corporate income tax rate from 8.25% to 6.25% over a five-year period beginning in 2025
  • Tax year 2025: rate remains at 8.25%; Tax year 2026: 7.75%; Tax year 2027: 7.25%; Tax year 2028: 6.75%; Tax year 2029 and beyond: 6.25%
  • Total reduction of 2 percentage points (from 8.25% to 6.25%) phased in with 0.5% decreases annually
  • Effective date: July 1, 2025
  • Sponsored by 34 delegates and assigned to the Ways and Means Committee

Legislative Description

Corporate Income Tax - Rate Reduction (Economic Competitiveness Act of 2025)

Income Tax

Last Action

Hearing 2/20 at 1:00 p.m.

2/5/2025

Committee Referrals

Ways and Means2/5/2025

Full Bill Text

No bill text available