Tax Incentives & Financing

Tax Incentives & Financing

Money Matters

A plethora of federal, state, regional, and local incentive programs await new and expanding businesses in St. Mary’s County. At both the state and local levels, there are many in study specific incentive programs, particularly for targeted industry clusters within the county.

Our goal is to provide as many applicable tools as possible for our existing industries and new industries so we may continue to soar.

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Tax Rates

  • Corporate Income Tax (FY19)None | 8.25%Base – federal taxable income
  • Personal Income Tax (FY19)3.2% | 2.0%-5.75%*Base – federal adjusted gross income *Graduated rate peaking at 5.75% on taxable income over $300,000
  • Sales & Use Tax (FY19)None | 6.0%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
  • Real Property Tax (FY19)$0.8478 | $0.112Effective rate per $100 of assessed value In an incorporated area a municipal rate will also apply
  • Business Personal Property Tax (FY19)$2.1195 | noneRate per $100 of depreciated value Exempt – manufacturing and R&D machinery, equipment, materials and supplies; manufacturing, R&D and warehousing inventory

Contact Us:

Tashima Reese Headshot

Destiny Allen
Economic Development Specialist
Destiny.allen@stmarysmd.com
301.475.4200 ext. 71401
www.linkedin.com/in/DestinyAllenDED

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