Maryland Gov. Wes Moore will call for a cut to the state’s corporate tax rate as well as ask the General Assembly for hundreds of millions in new funding to help grow emerging companies as part of a budget proposal to be announced Wednesday.
Moore, a Democrat, teased his 2025-2026 state budget plans during an event Tuesday at the College Park headquarters of IonQ Inc. (NYSE: IONQ), a publicly traded quantum computing developer emblematic of the type of company the state wants to attract, retain and grow. Much of his economic policy focuses on supporting and expanding the state’s growing quantum computing efforts, which are being spearheaded in large part by IonQ.
At the time of the announcement, Maryland’s top elected official didn’t specify his proposed corporate tax rate, which currently stands at 8.25%, though in a formal proposal shared on Wednesday, the governor’s office said the cut will equate to “a gradual reduction” beginning in the 2028 fiscal year. If approved, it would be the first time in well over a decade since the state modified the rate; Maryland increased its corporate tax rate from 7% in 2008 to its current figure.
“We will create good-paying jobs, we will cultivate top talent and we will make it easier for businesses to be able to choose Maryland, to stay in Maryland, to grow in Maryland and to invest in Marylanders,” Moore told an audience of about 200 people.
