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Business Taxes – Maryland

By May 21, 2024No Comments

Newsletter: Maryland has introduced a new business tax portal, Maryland Tax Connect, for businesses making tax payments. The filing deadline for business taxes has been extended to May 31st, 2024.

Website: For those making tax payments for their businesses, we have rolled out our new Maryland business tax portal, Maryland Tax Connect! The filing date for business taxes has been extended to May 31st, 2024. For more information about Maryland Tax Connect, please visit marylandtaxes.gov/mdtaxconnect.

State of the Economy Series

Newsletter: In January 2024, Comptroller Lierman released the inaugural State of the Economy Report, which examined trends in Maryland compared to the US and neighboring states. This policy brief is the first in a series that further examines key findings from the report to inform policymakers and the public.

Website: State of the Economy Series Major Takeaways:

  • Maryland’s population growth has been nominal or negative for each of the past five years.
    Immigrants have long bolstered Maryland’s population, and they are essential for a thriving economy and economic growth.
  • If not for increases in international immigration in 2023, Maryland would have lost population for a third straight year.
  • Immigrants boost innovation and entrepreneurship, expanding our workforce and advancing the state economy.
  • Immigrants create a diverse and competitive workforce.
    Maryland’s immigrant population is key to expanding our workforce and advancing the state economy.

MarylandTaxes.Gov/Research

Record numbers of people starting up new small businesses

Record numbers of people are starting new businesses, and more and more of them are women- and minority-owned, according to a new study. New business applications jumped in 2020 as the pandemic started, and have continued to be filed at a record pace. More than 5 million applications were filed in 2021 and 2022 and a record 5.5 million new business applications were filed in 2023. Payroll firm Gusto surveyed 1,300 owners who started their small business last year to discover their characteristics. Women made up 49 percent of the new business owners surveyed. That’s in line with the past several years, but up starkly from 2019, when just 29 percent of new business owners were women. Black entrepreneurs made up 6% of new business owners in 2023, double the 3% rate seen before the pandemic. Hispanic entrepreneurs made up 13% of new owners, compared to 8% last year.

Why it matters: For our state and national economy, it is critical that new small businesses join the fray to provide jobs and services to our communities — and that new entrants from minority demographics play their part in ensuring the business community’s diversity and resiliency.

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