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MD SB836

Bill

Official Source

Status

Introduced

2/3/2025

Primary Sponsor

Johnny Mautz

Click for details

Origin

Senate

2025 Regular Session

AI Summary

  • Maryland's corporate income tax rate would be reduced from 8.25% to 6.25% over a four-year period beginning in 2025
  • Tax year 2025: rate remains at 8.25%; Tax year 2026: rate drops to 7.75%; Tax year 2027: rate drops to 7.25%
  • Tax year 2028: rate drops to 6.75%; Tax year 2029 and beyond: rate reaches final level of 6.25%
  • Total reduction of 2 percentage points represents a 24% decrease in the corporate tax rate
  • Effective date: July 1, 2025

Legislative Description

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

Income Tax

Last Action

Hearing 3/04 at 1:00 p.m.

2/5/2025

Committee Referrals

Budget and Taxation2/3/2025

Full Bill Text

No bill text available