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11916 Somerset Avenue · Suite 202 · Princess Anne, MD 21853
E-Mail: EDC@co.somerset.md.us
Phone: 410-651-0500 · Toll Free: 888-651-0500 · Fax: 410-651-3836
| Somerset County | Maryland | |
| Corporate Income Tax (2006) Base - Federal taxable income. |
none | 7.0% |
| Personal Income Tax (2006) Base - Federal adjusted gross income. *Graduated tax peaking at 4.75% on taxable income over $3,000. |
3.15% | 4.75%* |
| Sales and Use Tax (2006) Exempt - sales for resale; manufacturer's purchase of raw materials; manufacturing machinery and equipment; purchases of materials and equipment used in R&D and testing of finished products; purchases of computer programs for reproduction or incorporation into another computer program for resale. |
none | 5.0% |
| Real Property Tax (FY 2005) Effective rate per $100 of assessed value. In an incorporated area, a municipal rate will also apply. |
$0.99 | $0.132 |
| Business Personal Property
Tax (FY 2005) Rate per $100 of depreciated value. Exempt - manufacturing, R&D, and warehousing inventory. (Upon application to the County, a new or expanding firm may be eligible for a tax credit on manufacturing and R&D machinery, equipment, materials and supplies). In an incorporated area, a municipal rate will also apply. |
2.475 | none |
| Major Tax Credits Available Enterprise Zone; Job Creation; One Maryland; Research and Development. Maryland State Department of Assessments and Taxation; Comptroller of the Treasury. |
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Site Directory | About Us | Contact Us
11916 Somerset Avenue · Suite 202 · Princess Anne, MD 21853
E-Mail: EDC@co.somerset.md.us
Phone: 410-651-0500 · Toll Free: 888-651-0500 · Fax: 410-651-3836
This page is funded by the Rural Development Center at the University of Maryland Eastern Shore
through a grant from the Economic Development Administration, U.S. Department of Commerce
Copyright 2003 - Somerset
County Economic Develpoment Commission