Bill
Bill > HB741
summary
Introduced
02/08/2023
02/08/2023
In Committee
02/08/2023
02/08/2023
Crossed Over
Passed
Dead
04/10/2023
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)
Wayne Hartman (R)*,
Chris Adams (R),
Carl Anderton (R),
Steve Arentz (R),
Terry Baker (R),
Jason Buckel (R),
Brian Chisholm (R),
Barrie Ciliberti (R),
April Fleming Miller (R),
Jeff Ghrist (R),
Robin Grammer (R),
Mike Griffith (R),
Jim Hinebaugh (R),
Kevin Hornberger (R),
Seth Howard (R),
Tom Hutchinson (R),
Jay Jacobs (R),
Nic Kipke (R),
Bob Long (R),
Nino Mangione (R),
Susan McComas (R),
Ric Metzgar (R),
Todd Morgan (R),
Rachel Muñoz (R),
Charles Otto (R),
Jesse Pippy (R),
Teresa Reilly (R),
April Rose (R),
Stuart Schmidt (R),
Josh Stonko (R),
Chris Tomlinson (R),
William Valentine (R),
William Wivell (R),
Last Action
House Ways and Means Hearing (13:00:00 2/23/2023 ) (on 02/23/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0741?ys=2023RS |
| BillText | https://mgaleg.maryland.gov/2023RS/bills/hb/hb0741f.pdf |
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