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The Latest Maryland Tax Relief Package aims to help Families, Small Businesses, and Retirees with additional tax savings and stimulus.

1/12/2022

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The Working Marylanders Tax Relief Act of 2022 will be the largest Tax Relief Package In State History (if it becomes law). Some of the key provisions include:
​
  • eliminating 100% of State Retirement Taxes,
  • an additional $650 Million in Tax Relief for families,
  • eliminating the $300 filing fees for businesses (SDAT), 
  • extended tax incentives to new and existing manufacturers that locate or expand in Maryland and create new manufacturing jobs, and
  • initiatives  to revitalize vacant retail and commercial space. ​
Currently, this is a proposed legislation and not yet law so specifics are limited. However, all but the SDAT savings & retirement tax relief are added benefits to existing programs that were enacted in response to the pandemic. Thus the rules, benefits, and limits of these programs are expected to be similar. ​
Link to Blog Post: ramlcpa.link/01-12a

The Retirement Tax Reduction Act

​The Retirement Tax Reduction Act eliminates 100% of state retirement tax in Maryland. Tax relief will be phased-in starting in 2022.

The Working Marylanders' Tax Relief Act

​Permanent tax relief for working families. The Working Marylanders' Tax Relief Act will make the enhanced earned income tax credits (EITC) permanent and provide another $650 million in tax relief for working families.
Link: interactive2.marylandtaxes.gov/EITCAssistant/
Link: Maryland EITC resource
Maryland Earned Income Tax Credit (EITC) Assistant - Calculator
Clickable Image of the Maryland (EITC) Calculator
Maryland Earned Income Tax Credit (EITC) - 2021 Thresholds
Clickable Image Maryland (EITC) - 2021 Thresholds

Small Business Tax Relief

​Small Business Fee Relief. The governor will also propose legislation to eliminate the filing fees for businesses that submit their annual report (SDAT), including the $300 annual filing fee for companies, LLCs, and other legal entities. This would make Maryland the first state to provide a zero-fee option for all businesses.

The More Jobs for Marylanders Act 3.0

Expansion of Manufacturing Incentives. The More Jobs for Marylanders Act 3.0 extends the program an additional five years, through 2027 and provides tax incentives to new and existing manufacturers that locate or expand in Maryland and create new manufacturing jobs and to non-manufacturers that locate or expand in Maryland Opportunity Zones.

Project Restore Act

​Long-Term Economic Development. The Project Restore Act makes permanent initiatives, which provide financial assistance for small businesses and commercial developers to revitalize vacant retail and commercial space. 

Maryland Tax Resources

https://governor.maryland.gov/2022/01/11/governor-hogan-announces-4-6-billion-tax-relief-package-for-hardworking-maryland-families-small-businesses-and-retirees/
https://governor.maryland.gov/2022/01/11/transcript-tax-relief-and-economic-growth-announcement-january-11-2022/
​https://www.marylandtaxes.gov/reliefact/
​https://www.marylandtaxes.gov/tax-credits.php

Taxes

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COLUMBIA MD ACCOUNTANT

Travis Raml, CPA & Associates, LLC is an accounting firm in Columbia MD which offers, tax services, outsourced CFO, outsourced controller, businesses advisory, and coaching services to businesses and individuals thorough out the Greater Washington, DC and Baltimore, MD area.

​We also provide service in Ellicott City, Columbia, Annapolis, Severn, Odenton, Crofton, Silver Spring, Rockville, Bethesda, Gaithersburg, Potomac, Reston, Tysons Corner, Fairfax, Alexandria, Arlington. We're also a local CPA firm conveniently located in Columbia Maryland directly across from Columbia Mall.
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Travis Raml, CPA has been an accountant since 1998 and a certified public accountant (CPA) since 2003 and prides his firm on delivering high quality small business CPA services. He specializes in Columbia Tax Preparation, and Columbia Maryland Accounting Firm.


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