Corporate Income Tax
Every corporation and association generating income allocable to the State of Maryland is required to file an income tax return with the state. The tax rate is 7.0 percent of net income allocable to Maryland.
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Corporate Income Tax Rates: 2008
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PENNSYLVANIA
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9.99
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DIST. OF COLUMBIA
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9.975
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MASSACHUSETTS
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9.5
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NEW JERSEY
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9
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RHODE ISLAND
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9
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MAINE
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3.5 - 8.93
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DELAWARE
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8.7
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NEW HAMPSHIRE
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8.5
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WEST VIRGINIA
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8.5
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VERMONT
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6.0 - 8.5
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MARYLAND
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8.3
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CONNECTICUT
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7.5
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NEW YORK
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7.5
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NORTH CAROLINA
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6.9
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GEORGIA
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6
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VIRGINIA
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6
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Data Source: Federation of Tax Administrators, 2008
Additional information on corporate taxes is also available through the Comptroller of Maryland.
Information on corporate tax incentives can be found at Incentives & Financing.
Personal Income Tax
All counties in the Baltimore region impose a personal income tax. It is administered and collected by the state and is applied to state taxable income.
County Personal Income Tax Rates, 2007
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2007 Local Tax Rates
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County
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Rate
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Anne Arundel
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2.56%
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Baltimore City
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3.05%
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Baltimore
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2.83%
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Carroll
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3.05%
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Cecil
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2.80%
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Harford
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3.06%
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Howard
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3.20%
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Data Source: Comptroller of Maryland
Note: Maryland has a graduated income tax; 4.75% is on all taxable income over $3,000.