Maryland Increases Individual Income Tax Rates and Enacts Other Tax Changes

On May 22, 2012, Maryland Governor Martin O’Malley signed legislation enacting the “State and Local Revenue and Financing Act of 2012” that increases the individual income tax rates, establishes new individual income tax brackets, reduces and eliminates personal exemptions for certain taxpayers, increases the tax rate on other tobacco products and cigars, and provides other tax changes.

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