Governor Martin O’Malley signed the Job Creation and Recovery Tax Credit legislation last week.
The Maryland Chamber supported the legislation, which provides a $5,000 income tax credit to employers that hire an unemployed Maryland resident between March 25, 2010 and December 31, 2010 into a full-time position that is new or has been vacant for at least 6 months. Employers would obtain certification for the credit by submitting required documentation to DLLR, and claim the credit when filing their income tax return. If the employee works less than a year the credit would be pro-rated. Total credit amounts are capped at $250,000 per employer and $20 million for the total program.
For more information about the new tax credit and details on how to apply, visit the Maryland Department of Labor Licensing and Regulation’s website here.