Wednesday, January 27, 2010
Chamber Supports Extension of R&D Tax Credit
Maryland Chamber Vice President Ron Wineholt encouraged the Senate Budget & Taxation Committee to support the extension of Maryland’s Research & Development (R&D) Income Tax Credit. The Chamber believes the R&D tax credit is an important incentive for the state to compete with other states in attracting and retaining manufacturing operations and technology companies.
The tax credit was created in 2000, and it authorizes up to $6 million in credits annually to businesses for qualified R&D expenditures. This bill, SB 64, would extend the termination date of credit from June 30, 2012 to June 30, 2021.
“As funding for the Department of Business and Economic Development continues to decline, tax credits become an increasingly important tool for business location and retention. This credit is one of the few state incentives that directly benefits Maryland manufacturers,” Wineholt said. “At a time that Maryland is working hard to attract high paying technology and research jobs, the R&D tax credit must be extended.”
For more information, contact Ron Wineholt at .(JavaScript must be enabled to view this email address).
