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With two legislative committees in the Maryland revisiting the bills introduced during the 2005 General Assembly. These bills would close tax loopholes based on the premise that some of the larger corporations in the state of Maryland do not pay their income taxes.
There are many who believe that changing Maryland tax code could hurt the competitive edge of the state for corporations. These are the issues that face the Maryland State Assembly. Is the additional revenue that changing the tax code could generate going to help the state more than it hurts it? What impetus will corporations have to incorporate in the state of Maryland with the altered tax code?
While the state may not be able to compete with Delaware, incorporating in Maryland would still be more beneficial with regard to overall Federal taxes, healthcare costs and expenses than remaining unincorporated. Yes, a company could choose Delaware over Maryland to protect itself from the tax burden, however with better transportation, education and state healthcare, the state benefits by being more hospitable to residents. In many cases, more residents can mean more customers and more business for state based corporations.Weighing the good and the bad is part of business and while these proposals are being discussed, they have not become a part of the tax code yet. For more information on incorporating in Maryland or other states for that matter, check out https://incparadise.net.
