Job Creation Tax Credit (Maryland)
Last modified on February 12, 2015.
|Applies to States or Provinces||Maryland|
|Name||Job Creation Tax Credit (Maryland)|
|Policy Category||Financial Incentive|
|Policy Type||Corporate Tax Incentive|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Tidal Energy, Wave Energy, Wind energy|
|Program Administrator||Maryland Department of Business and Economic Development|
The Job Creation Tax Credit provides a $1000 tax credit to businesses that create new jobs; the credit is 2.5% of the aggregate annual wages for all newly created full-time positions. This credit is increased to five percent in revitalization zones, up to $1500 per job. Credits may not exceed $1 million per year and may be carried forward for five years. Sixty jobs must be created during a 24-month period. Eligible businesses include public utilities. In a “Priority Funding Area,” a business needs only to create a minimum of 25 new positions.
|Department||Maryland Department of Business and Economic Development|
|Address||401 E. Pratt Street|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||COMAR 24.05.20|
|Authority 2:||Economic Development Article, 6-301 et seq., Annotated Code of Maryland|