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Maryland
Resources Page
Military Bases As Economic Development MagnetsMany of the military bases that have survived the Base Realignment and Closure (BRAC) have become hotbeds of development. More |
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States Fund Renewable Energy ProjectsSixteen states have taken the lead in funding for renewable energy projects through tax and production incentives, rebates, grants, and loans. More |
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The Attraction of Enterprise Zones: Tax Benefits and Incentives for BusinessesLocating a business in a designated enterprise zone can often provide incentives unavailable in other areas. But the incentives offered are beginning to change — and there may be tradeoffs that could devalue the financial advantages More |
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Biotech, Aerospace, and Government Services Move Maryland’s EconomyIncentives are key to Maryland’s expanding sectors. Governor Martin O’Malley introduced his new vision for the future of biosciences under the banner of Bio 2020. More |
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Maryland
At A Glance
POPULATION:
5,618,344 (2007 estimate)
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
LABOR FORCE: 2,980,353 (2007 annual average)
RIGHT TO WORK: NoTRADITIONAL INDUSTRIES: Manufacturing, agriculture, fishing
EXPANDING INDUSTRIES: Biotechnology, information technology, telecommunications, environmental industries, aerospace and defense, technology-driven manufacturing, healthcare, financial services, tourism, warehouse and distributionCOLLEGE GRADUATES: (Age 25 and over) 35.1%
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 taxesBUSINESS 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
SPONSOR PROFILES:
