Wednesday, April 07, 2010
R&D Tax Credit Extension Bill on House Floor
The House Ways & Means Committee recently approved legislation (SB 64) to extend Maryland’s Research & Development (R&D) Tax Credit through 2021. The Maryland Senate passed the legislation earlier this session by a vote of 41-0.
The Maryland Chamber supports this bill. The tax credit was created in 2000, authorizing up to $6 million in credits annually to businesses for qualified R&D expenditures. This legislation would extend the termination date of the credit from 2012 to 2021.
“The R&D tax credit is a necessary tax incentive for Maryland to compete with other states in attracting and retaining manufacturing operations and high technology companies,” Maryland Chamber Vice President of Government Affairs Ron Wineholt said. “At a time that Maryland is working hard to attract high paying technology and research jobs, this credit must be extended.”
For more information, contact Ron Wineholt at .(JavaScript must be enabled to view this email address).
