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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 (FY08)
- General Revenue, Own-Source (GROS): $36.9 billion
- General Revenue as a Share of Income: 13.8%
- Tax Revenue: $27.7 billion
- Tax Revenue as Share of income: 10.3%
- Personal Income Tax (Share of Tax Revenue): 40.4% (1 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 2.7% (40 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 24.6% (43 out of 51)
- Property Tax (Share of Tax Revenue): 23.9% (37 out of 51)
- Other Taxes (Share of Tax Revenue): 6.8% (7 out of 51)
Personal Income Tax Features (2011)
- Range of Tax Rates: 2.0% - 5.5%
- 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
- Top rate will decline to 5.5% in 2011 when "millionaires' bracket" expires
Corporate Income Tax Features (2011)
- 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 (2011)
- 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 2011
Property Tax Features (2011)
- Provides a circuit breaker for homeowners and renters of all ages
- Provides for local option caps on assessed value growth.
Other Tax & Revenue Features (2011)
- 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: $260
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: Personal income tax only
Last Updated August 25, 2011
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