The special session is over. The Maryland Chamber will post more details and analysis of the new tax laws later today. The Department of Legislative Services has posted a great summary of the final tax, slots and transportation bills here (pdf).

The legislation will take effect January 1, 2008. The new laws will:

• Establish new individual income tax brackets and rates, including new 5 percent, 5.25 percent and 5.5 percent rates for individuals making more than $150,000 per year and joint filers making more than $200,000 per year.
• Increase the corporate income tax rate from 7 percent to 8.75 percent.
• Increase the sales tax rate from 5 percent to 6 percent.
• Expand the sales tax to include computer services
• Impose recordation and transfer taxes on the transfer of controlling interest in certain business entities that own real estate in Maryland.
• Increase the vehicle titling tax from 5 percent to 6 percent.
• Establish a business tax reform commission. The language establishing the commission includes some pretty broad and intrusive reporting requirements on Maryland businesses.
• Increasing the tobacco tax from $1 to $2 per pack.

For more details, view the DLS summary here (pdf).