Corporation Income Tax
The corporation income tax applies to every Maryland corporation and every other corporation that has a nexus with Maryland.
Effective January 1, 2008, the tax is imposed at an 8.25 percent rate on the Maryland taxable income, defined as the Maryland modified income, which is the corporation federal taxable income adjusted by state modifications. Corporations engaged in multistate operations must allocate Maryland modified income using an apportionment formula, generally consisting of receipts, property and payroll factors.
Certain multistate and manufacturing corporations are also subject to reporting requirements.
Certain corporations are required to complete Form 500A, Calculation of Corporation Modified Income, before completing Form 500 in its entirety.
If the corporation has any decoupling modifications , Section 10-306.1 related party transactions, or foreign Source Dividends, it will be required to complete and attach Form 500A to Form 500.
Maryland corporations may also be eligible for business tax credits which may be claimed against the corporation income tax by filing Form 500CR.
S corporations, partnerships and limited liability companies should not file a corporation income tax return. These businesses must file as pass-through entities.
Corporation Income Tax Information
- Captive Real Estate Investment Trusts
- Nexus Information
- Administrative Releases
- Choose the Right Corporation Tax Form
- Filing the Corporation Tax Return
- Due Dates and Extension Information
- Computing the Apportionment Factor
- Estimated Corporation Taxes
- New Reporting Requirements
- Pass-Through Entities
- Business Tax Credits
- Taxpayer Service
- Important Reminders
Corporation Income Tax Related Forms
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- Form 500, Corporation Income Tax Return
- Form 500CR, Business Tax Credits
- Form 500D, Declaration of Estimated Corporation Income Tax
- Form 500DM, Decoupling Modification
- Form 500E, Application for Extension of Time to File Corporation Income Tax Return
- Form 500MC, Multistate Manufacturing Corporation
- Form 500UP, Underpayment of Estimated Income Tax by Corporations
- Form 500X, Amended Corporation Income Tax return
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