Page 49 - Garrett County 2021-2022 Visitors Guide

Tax Rates
Garrett Co.
Maryland
Corporate Income Tax (2020)
None
8.25%
Base – federal taxable income
Personal Income Tax (2020)
2.65%
2.0-5.75%*
Base – federal adjusted gross income; *Graduated rate peaking at 5.75% on taxable income over $300,000
Sales & Use Tax (2020)
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 (FY 2021)
$1.056
$0.112
Effective rate per $100 of assessed value; In an incorporated area, the county rate may vary and a municipal rate will also apply.
Business Personal Property Tax (FY 2021)
None
None
No county personal property tax on ordinary business property $2.64/$100 applicable to operating property of utilities and non-utility electric generators in an incorporated area, a municipal rate may apply; municipal exemptions may be available.
Major Tax Credits Available
Enterprise Zone; Job Creation; R&D; Hire Our Veterans; More Jobs for Marylanders (Tier I); ONE Maryland (Tier I); Arts & Entertainment District; Maryland Wineries & Vineyards; Biotechnology & Cybersecurity Investment; Federal Opportunity Zones; Garrett County Business Property Tax Credit Incentive
This section was compiled with assistance from the Garrett County Department of Economic Development.
301-334-1921
EconomicDevelopment@GarrettCounty.org GCEDOnline.com
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