Financial Incentives

More Jobs for Marylanders Manufacturing Tax Credit

 
One of Governor Hogan's top legislative priorities of 2017, More Jobs for Marylanders, promotes the growth of manufacturing in Maryland by providing tax incentives for manufacturing job creation, encourages manufacturers to invest in new equipment through accelerated and bonus depreciation, and funds job training and apprenticeship programs to help strengthen Maryland's workforce.
 
Tax credits are available to new and existing manufacturers that locate or expand in Maryland and create new manufacturing jobs. Garrett County is a Tier 1 county under the legislation. That means that new or existing businesses must create at least five new qualified full-time jobs, that pay at least 120% of State minimum wage and be filled for 12 months, to be eligible for the credit.
 
New businesses locating in Garrett County may be eligible for (1) a refundable credit against the State's income tax; (2) a credit against the State's portion of the real property tax; (3) a refund of sales and use tax; and (4) a waiver of fees charged by the State Department of Assessment and Taxation.
 
Existing businesses may be eligible for a refundable credit against the State's income tax. Note that existing manufacturers that move their facility from one Maryland county into another are not eligible to participate in the program.