Bill
Bill > HB1101
summary
Introduced
02/05/2025
02/05/2025
In Committee
02/05/2025
02/05/2025
Crossed Over
Passed
Dead
04/08/2025
04/08/2025
Introduced Session
2025 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 aims to gradually reduce Maryland's corporate income tax rate from 8.25% to 6.25% over five consecutive tax years, beginning with the tax year starting after December 31, 2024. Specifically, the corporate tax rate will be 8.25% for the 2025 tax year, then decrease to 7.75% for the 2026 tax year, 7.25% for the 2027 tax year, 6.75% for the 2028 tax year, and finally reach 6.25% for the 2029 tax year and onwards. This phased reduction is designed to improve the state's economic competitiveness by lowering the tax burden on corporations, potentially making Maryland more attractive for business investment and growth. The bill will take effect on July 1, 2025, allowing businesses to plan for the gradual tax rate reductions in the coming years.
Committee Categories
Budget and Finance
Sponsors (34)
Wayne Hartman (R)*,
Chris Adams (R),
Steve Arentz (R),
Lauren Arikan (R),
Terry Baker (R),
Barry Beauchamp (R),
Christopher Bouchat (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),
Nino Mangione (R),
Matt Morgan (R),
Todd Morgan (R),
Ryan Nawrocki (R),
LaToya Nkongolo (R),
Charles Otto (R),
Jesse Pippy (R),
Teresa Reilly (R),
April Rose (R),
Stuart Schmidt (R),
Kathy Szeliga (R),
Chris Tomlinson (R),
William Valentine (R),
William Wivell (R),
Last Action
House Ways and Means Hearing (13:00:00 2/20/2025 ) (on 02/20/2025)
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/HB1101?ys=2025RS |
| BillText | https://mgaleg.maryland.gov/2025RS/bills/hb/hb1101f.pdf |
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