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Below is a snapshot of key features of Maryland's tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $37.3 billion
- General Revenue as a Share of Income: 13.5%
- Tax Revenue: $28.1 billion
- Tax Revenue as Share of income: 10.1%
- Personal Income Tax (Share of Tax Revenue): 35.6% (2 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 3.2 % ( 18 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 24.4 % ( 44 out of 51)
- Property Tax (Share of Tax Revenue): 30.1 % ( 35 out of 51)
- Other Taxes (Share of Tax Revenue): 5.2 % (25 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: 2.0% - 5.75%
- Standard Deduction: $1,500-$2,000 ($3,000-$4,000 for Married Couples)
- Personal Exemption: $3,200
- Dependent Exemption: $3,200
- Earned Income Tax Credit (EITC): 25% Refundable / 50% Nonrefundable
- Personal exemption is phased out for high-income taxpayers
- Offers low-income credit designed to offset personal income taxes
Corporate Income Tax Features (2012)
- Range of Tax Rates: 8.25%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: No
- Apportionment Factor (Payroll): 0%
- Apportionment Factor (Property): 0%
- Apportionment Factor (Sales): 100%
- Apportionment Note: Certain corporations (including manufacturers) use specified formula; all others use double weighted sales formula
Sales Tax Features (2012)
- State Sales Tax Rate: 6.00%
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: 6.00%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 39 out of 168 surveyed
- Streamlined Sales Tax Membership: No
- Sales tax holiday offered in 2012
Property Tax Features (2012)
- Provides a circuit breaker for homeowners and renters of all ages
- Provides for local option caps on assessed value growth.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.235
- Diesel Tax Rate (per gallon): $0.243
- Cigarette Tax Rate (per pack): $2.00
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $276
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated October 4, 2012
Sources & Glossary
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