Wednesday, February 17, 2010
Senate Passes R&D Tax Credit Extension
The Maryland Senate passed legislation (SB 64) to extend the state’s Research & Development (R&D) Income Tax Credit by a vote of 41-0.
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 Maryland Chamber thanks the Senate for its swift action,” Maryland Chamber President & CEO Kathy Snyder, CCE said. “The state must continue to promote research and development as an important part of Maryland’s economic development efforts.“
The bill now awaits action in the House Ways & Means Committee. For more information, contact Ron Wineholt at .(JavaScript must be enabled to view this email address).
