The One Big Beautiful Bill Act is set to reshape financial planning for both Maryland businesses and individuals by making key provisions of the 2017 tax law permanent and introducing new incentives. For businesses, the restoration of full deductions for domestic research and experimental costs is expected to boost cash flow for research-heavy industries, strengthening Maryland’s biotech and life sciences sectors. Manufacturers gain the ability to fully deduct the cost of building or upgrading facilities, encouraging expansion, modernization and potentially more onshoring — an area where Maryland’s infrastructure and manufacturing base give it a competitive edge. New tax credits for workforce training and apprenticeships in advanced manufacturing are also poised to generate local job growth across industries such as chemicals, aerospace, and defense.
Impact on individuals: Year-end tax planning has become more important for individuals, with charitable deductions becoming more valuable in 2025 before stricter limits take effect in 2026.
