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MD HB741

MD HB741
Corporate Income Tax - Rate Reduction (Economic Competitiveness Act of 2023)


summary

Introduced
02/08/2023
In Committee
02/08/2023
Crossed Over
Passed
Dead
04/10/2023

Introduced Session

2023 Regular Session

Bill Summary

AN ACT concerning Corporate Income Tax - Rate Reduction (Economic Competitiveness Act of 2023) FOR the purpose of altering, over a certain period of years, the State income tax rate on the Maryland taxable income of corporations; and generally relating to the Maryland corporate income tax. BY repealing and reenacting, with amendments, Article - Tax - General Section 10-105(b) Annotated Code of Maryland (2022 Replacement Volume)

AI Summary

This bill, the Economic Competitiveness Act of 2023, proposes to gradually reduce the Maryland corporate income tax rate over a four-year period. The current rate of 8.25% will be lowered to 7.75% for the 2024 tax year, 7.25% for 2025, 6.75% for 2026, and ultimately 6.25% for the 2027 tax year and beyond. The purpose of this gradual reduction is to improve Maryland's economic competitiveness by lowering the tax burden on corporations operating within the state.

Committee Categories

Budget and Finance

Sponsors (33)

Last Action

House Ways and Means Hearing (13:00:00 2/23/2023 ) (on 02/23/2023)

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