POPULATION: 5,633,597 (2008 estimate)
LABOR FORCE: 2,997,709 (2008 estimate)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Manufacturing, agriculture, fishing
EXPANDING INDUSTRIES: Biotechnology, information technology, telecommunications, environmental industries, aerospace and defense, technology-driven manufacturing, healthcare, financial services, tourism, warehouse and distribution
COLLEGE GRADUATES: (Age 25 and over) 35.2%
BASIC BUSINESS TAXES:
Corporate Income Tax: 8.25 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: 6 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:
- • Startups, 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
- • Biotechnology Investment Tax Credit
- • R&D Tax Credit
- • Cellulosic Ethanol Technology R&D Tax Credit
Employee training
Recruitment assistance
