Mike O’Halloran NFIB Maryland State Director | Official Website
Mike O’Halloran NFIB Maryland State Director | Official Website
The Maryland General Assembly has passed the Budget Reconciliation and Financing Act (BRFA) during its 2025 legislative session, bringing several tax changes to the state starting in the 2025 tax year. The Office of the Comptroller is tasked with implementing these adjustments.
Key modifications include the introduction of two new tax brackets for personal income tax and a 2% surcharge on capital gains income for households earning over $350,000 in federal adjusted gross income (AGI). Additionally, there will be a phase-out of itemized deductions for households with an AGI exceeding $200,000. Furthermore, Maryland's general sales tax will now apply to digital and IT services at a rate of 3%.
To assist taxpayers and professionals with these changes, the Office of the Comptroller has launched a dedicated webpage. Webinars were also conducted for business owners and tax professionals, which are available on the Comptroller’s YouTube page. A slide deck from these webinars is accessible online. For further inquiries, individuals can contact Maryland State Director Mike O’Halloran.
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