A guide to help you understand the ins and outs of business in Maryland
Maryland is a Mid-Atlantic state adjacent to Washington, DC and Virginia. Even though it is the eighth smallest state in the country, it is the 19th most populated state, with 6.05 million residents. Annapolis is its capital and Baltimore is the largest city in the state. Maryland’s GDP in 2019 was $426,747,000,000.
It's largest industries are aerospace and defense, manufacturing, agribusiness, biohealth and life sciences, cybersecurity and IT, distribution and logistics, energy, financial services, military and federal, and tourism. Maryland’s massive $57.4 billion military industry makes up for 17% of the state’s output per year. Also 15 of the country’s top 20 aerospace and defense companies are located in Maryland. Maryland is also home to over 1,300 energy and sustainability businesses.
In 2019, Maryland imported $204,552,528 from Qatar. Its top imports are: Aluminum and articles thereof Special classification provisions Vehicles, except railway and tramway, and parts In 2019, Maryland exported $35,409,854 to Qatar with its top exports being: Miscellaneous chemical products Nuclear reactors, boilers, machinery, etc. Electrical machinery, sound/tv equipment
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Maryland’s Department of Commerce has ruled that every having income allocable within the state must file a corporate income tax return. The corporate income tax rate is a flat 8.25%. Maryland has four free trade zones; one is in Largo, one is in Hagerstown, two are in Baltimore. as well as 90 incentive programs, the most in a single state. Some examples are the Southern Maryland Agricultural Equity Incentive Matching Fund and the Maryland Value Added Producer Grant – Capital Assets Option Program (MVAPG-CAO).