SC&H Group’s Tax Services team offers the following blog post to provide insights into how companies in Maryland will benefit from a more “business-friendly” environment.
Yesterday, Larry Hogan was sworn in as the 62nd Governor of Maryland. During his inauguration speech, he declared that “Maryland is open for business.” Governor Hogan made a promise for a government that will be friendlier to businesses, and aims to be responsive to the needs of all residents.
Governor Hogan said that his decision-making would be guided by four broad ideas: fiscal responsibility, economic growth, reform, and fairness.
What does this mean for the state of Maryland? If you are a company in Maryland, there may be additional opportunities for growth.
Maryland already has some great incentives that businesses can leverage, such as the:
- Job Creation Tax Credit: Businesses that create a minimum number of new full-time positions may be entitled to state income tax credits of up to $1,000 per job or $1,500 per job in a “revitalization area.”
- Enterprise Zone (EZ) Tax Credit: The EZ program provides real property and state income tax credits for businesses located in a Maryland enterprise zone in return for job creation and investments.
- Research & Development Tax Credit: Businesses that have qualified R&D expenditures in Maryland may qualify for two state income tax credits, the Basic R&D Tax Credit and the Growth R&D Tax Credit.
- Cybersecurity Investment Incentive Tax Credit: This program provides a refundable income tax credit to Qualified Maryland Cybersecurity Companies (QMCCs) that secure investment from investors.
All of these tax incentives can have a tremendous impact on the growth of technology, government contracting, real estate, and manufacturing companies in Maryland. In the coming months, we will continue covering new tax credits and benefits that Governor Hogan plans to implement in his upcoming administration.
If you would like to learn more about how you can benefit as a business in Maryland, please contact SC&H Group’s Tax Services team here.