Bill
Bill > SB923
summary
Introduced
02/02/2024
02/02/2024
In Committee
02/02/2024
02/02/2024
Crossed Over
Passed
Dead
04/08/2024
04/08/2024
Introduced Session
2024 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 proposes to decrease the State corporate income tax rate in Maryland from 8.25% to 6.25% over a 5-year period. Specifically, the rate would be reduced to 7.75% for the 2025 taxable year, 7.25% for the 2026 taxable year, 6.75% for the 2027 taxable year, and finally 6.25% for the 2028 taxable year and beyond. The bill is intended to enhance Maryland's economic competitiveness by lowering the corporate tax burden.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Budget and Taxation Hearing (13:00:00 2/28/2024 ) (on 02/28/2024)
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/SB0923?ys=2024RS |
| BillText | https://mgaleg.maryland.gov/2024RS/bills/sb/sb0923f.pdf |
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