Tag: tax credits

Tax credit for Maryland film production rises to $25 million

An emergency bill expanding existing tax credits for film and TV production from $7.5 million to $25 million passed in the House of Delegates Tuesday, 108 votes to 31. The bill, SB183, which passed passed the Senate unanimously and now heads to the governor’s desk, sparked debate on the House floor as several Republican delegates expressed staunch opposition to the initiative.

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Legislation to finance business grants through tax credits coming this year

Department of Business and Economic Development Secretary Christian Johansson hopes to help businesses grow this year through a model that sells tax credits and uses the funds generated as grants to growing companies.

The program, called Invest Maryland, leads the list of DBED’s initiatives for the new year, Johansson told a group of reporters last month. It will be proposed in legislation to set up the program in this year’s General Assembly.

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Senators cut stem cell research, environment and consider trimming school aid

The Senate budget committee put off decisions on $60 million in local school aid Thursday, but lawmakers made many controversial decisions about tax credits, environmental programs and life science research.

The committee is scheduled to meet Friday to discuss spending related to local governments. Senators are considering ways to reduce the state’s commitment for teacher pensions and aid formulas, and looking at how Maryland should distribute road aid to local governments in coming years.

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Tax credits for private schools may survive Senate objections

A proposal to grant tax credits for corporate donations to private schools survived back-to-back attempts to weaken it in the Senate and is expected to come up for a final vote in that chamber this week.

Opponents offered amendments to limit the amount covered by the tax credit. The proposed limit for contributions counted toward the credit is $200,000.

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Business groups support jobs tax credit

A wide range of Maryland business group supported Gov. Martin O’Malley’s proposal to give a $3,000 tax credit for hiring an unemployed worker at a hearing Tuesday.

But Sen. George Edwards, R-Western Maryland, said it was “wrong” to propose a new jobs credit when the governor was seeking to eliminate a tax credit for coal mined in Maryland. He called the measure “one of the great tax credits for the poorest part of our state.”

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