Income Tax and Sales and Use Tax - Rate Reductions and Alterations

HB 133 reduces Maryland's individual and corporate income tax rates, with key changes to capital gains taxation. It exempts the first $10,000 of net capital gains from tax for residents aged 65 or older and removes income tax on capital gains from primary home sales (under $1.5 million), retirement accounts, and certain agricultural or conservation land. The bill also repeals the sales tax on data, information technology services, and software publishing. These changes directly affect Maryland residents and businesses subject to state income and sales tax.