Maryland sales tax
The state of Maryland is located on the east coast of the United State. The state came into existence in the year 1788 as a colony founded by Lord Baltimore. Maryland is surrounded by the state of Delaware in the east, Virginia in the south and Pennsylvania in the north. The state is geographically divided into east and west Maryland by the Chesapeake Bay. The shores surrounding the bay are heavily untended of fishing and local farm economy. The Bureau of economic analysis estimates that Marylands gross state product in 2004 was US$228 billion.
Per capita personal income in 2003 was US$37,446, 5th in the nation. Average household income in 2002 was US$53,043, also 5th in the nation. Marylands economic activity is strongly concentrated in the tertiary service sector, and this sector, in turn, is strongly influenced by location. One major service activity is transportation, centered on the Port of Baltimore and its related rail and trucking access. The port ranked 10th in the US by tonnage in 2002 although the port handles a wide variety of products, the most typical imports are raw materials and bulk commodities, such as iron ore, petroleum, sugar and fertilizers, often distributed to the relatively close manufacturing centers of the inland Midwest via good overland transportation.
Maryland sales tax procedure
The Maryland sales tax rate is 5 percent on all taxable sales other than certain vehicles rentals and sales of mobile homes. Most sales of food by substantial grocery or market business are not subject to tax. Other exemptions include medicine, energy for residential use, manufacturing machinery and equipment, certain agriculture equipment and supplies. An 11 percent tax imposed on short-term passenger car and recreational vehicle rentals. Certain short- term truck rentals are subject to an 8 percent tax is imposed on sales of new mobile homes. There are no general local sales taxes in:State Maryland. The 2000 Maryland general assembly enacted the following changes in the sale and use tax law which are effective. July 1, 2000 Film Production Activity: An exemption has been created for sale of tangible personal property or a taxable service used directly in connected with the film production activity by a film producer or production company certified by the Department of business and economic development. Film production activity is defined to mean the production or postproduction of film or video project including feature films, television projects, commercials and corporate films.
Maryland sales tax overview
MarylandState generally requires all persons engaged in sale to collect sales tax and remit it to state treasury. Sales tax is a tax that is held on the purchaser of commodity or service. Each country or state has the ability to impose their own sale tax. In addition to imposing their own sales tax, each state has the option of allowing tax exclusion on certain commodities or service. Every state will vary; however, it is not uncommon for certain foods and medications to be excluded from a state sales tax. There are also many states that regularly offer sale tax breaks for a period of time.
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