summary
Introduced
02/03/2020
02/03/2020
In Committee
03/11/2020
03/11/2020
Crossed Over
Passed
Dead
03/18/2020
03/18/2020
Introduced Session
2020 Regular Session
Bill Summary
Decreasing, over 5 taxable years, the State corporate income tax rate from 8.25% to 6.25%.
AI Summary
This bill gradually decreases the State corporate income tax rate in Maryland from 8.25% to 6.25% over a 5-year period. Specifically, the corporate income tax rate will be reduced to 7.75% for the 2021 tax year, 7.25% for the 2022 tax year, 6.75% for the 2023 tax year, and 6.25% for the 2024 tax year and beyond. This bill aims to lower the tax burden on corporations operating in Maryland.
Committee Categories
Budget and Finance
Sponsors (21)
Jason Buckel (R)*,
Carl Anderton (R),
Lauren Arikan (R),
Wendell Beitzel (R),
Paul Corderman (R),
Dan Cox (R),
Mike Griffith (R),
Kevin Hornberger (R),
Richard Impallaria (R),
Nic Kipke (R),
Susan Krebs (R),
Nino Mangione (R),
Susan McComas (R),
Mike McKay (R),
Warren Miller (R),
Matt Morgan (R),
Teresa Reilly (R),
April Rose (R),
Sid Saab (R),
Haven Shoemaker (R),
William Wivell (R),
Last Action
Unfavorable Report by Ways and Means (on 03/11/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0869?ys=2020RS |
| BillText | http://mgaleg.maryland.gov/2020RS/bills/hb/hb0869f.pdf |
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