Baltimore Region Tax Summary

In addition to tax exemptions and credits offered by the state, Maryland has:

• No gross receipts tax on manufacturers
• No corporate franchise tax
• No unitary tax on profits
• No income tax on foreign dividends (if the corporation owns 50 percent or more of the subsidiary)
• No separate school taxes

According to a recent report by the Maryland Budget & Tax Policy Institute:

• Maryland collects less public revenue relative to the state’s economy than most other states.
• State and local own-source revenue in Maryland has declined over the past quarter of a century relative to the economy—most other states’ revenues have increased.
• Although Maryland’s personal income tax collections are higher than most other states’, its corporate income, sales, and property tax revenues are lower.

See the Chartbook on Taxes in Maryland for the full report.