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House passes change in how corporate taxes are computed

The House of Delegates on Monday night approved a change in the way the corporate income tax is computed in an effort to benefit companies that are headquartered in Maryland and employ many people here.

By an 88-47 vote, the House voted to switch to a so-called “single sales factor” in computing the tax. The system calculates the amount of a company’s business that is subject to Maryland taxation by looking at its percentage of sales in the state. Under the current system, the company’s property and payroll also figure into the calculation.

Read the full article from The Baltimore Sun.

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