Wednesday, March 17, 2010
Jobs Creation Tax Credit Bill Moving in the House
Governor Martin O’Malley’s legislation to provide a tax credit to Maryland employers who hire an unemployed Maryland resident during 2010 has been passed by the Senate and is nearing passage in the House.
The bills, SB 106/HB 92, would provide a $5,000 income tax credit to employers that hire an unemployed Maryland resident during calendar year 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.
As originally introduced, the amount of the credit was $3,000. The Maryland Chamber urged lawmakers to increase it to $5,000. If you have any questions, contact Ron Wineholt at .(JavaScript must be enabled to view this email address).
