POPULATION: 5,617,727 (2006 estimate)
LABOR FORCE: 3,009,143 (2006 annual average)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Manufacturing, agriculture, fishing
EXPANDING INDUSTRIES: Biotechnology and information-technology industries, telecommunications, environmental industries, technology-driven manufacturing, health care, financial services, tourism, warehouse and distribution
COLLEGE GRADUATES: (Age 25 and over) 34.5%
BASIC BUSINESS TAXES:
Corporate Income Tax: 7 percent of the net income allocable to Maryland; no corporate franchise tax; no gross receipts tax on manufacturers; no tax on the Internet, e-commerce, or direct broadcast satellite services
Sales and Use Tax: 5 percent on the sale or use of tangible personal property, unless a specific exemption is provided
Property Tax: Real property taxed by the state, counties, Baltimore City, and incorporated towns; rates vary. Maryland imposes no state personal property tax; counties and municipalities levy local personal property taxes.
BUSINESS INCENTIVES:
Industrial Development Financing:
- • Loan Guarantees
- • Taxable and Tax-Exempt Bonds
- • Trade Financing
Seafood and Aquaculture Loans
Energy Financing
Community Financing:
- • Loans to Businesses or Local Governments
Small Business Development Financing:
- • Contract Financing
- • Equity Participation Investment for Franchises, Technology-Based Businesses, and Business Acquisitions
- • Surety Bond Guaranty or Direct Bonding
- • Long-Term Guaranty Program
Daycare Financing:
- • Direct Loans and Loan Guarantees
Investment Financing:
- • Start-Ups, First- and Second-Stage Technology-Driven Companies
Maryland Economic Development Assistance Authority Fund
International Financing:
- • Supplementary Export Financing
- • Export Development Assistance
- • Foreign-Trade Zones
Tax Incentives:
- • Job Creation Tax Credits
- • One Maryland Tax Credits
- • Enterprise Zone Tax Credits
- • Federal Empowerment Zones Incentives
- • Brownfields Revitalization Incentives
Employee Training
Recruitment Assistance