Tax Incentives

More Jobs for Marylanders Act – incentives to encourage manufacturers to create family-supporting jobs and workforce development programs. Worcester County is considered a Tier 1 county defined in statute as Qualified Distressed Counties offering increased incentives.

Partnership for Workforce Quality – This program provides matching training funds to growing companies seeking to increase the skills of existing workers for new technologies and production processes, improve employee productivity, and increase employment stability.

One Maryland Tax Credit – Businesses investing in an economic development project in a “qualified distressed county” and create at least 25 new full-time jobs may qualify for up to $5.5 million in state income tax credits.

Biotechnology Investment Incentive Tax Credit – Provides an investor with income tax credits equal to 50% of an eligible investment in a Qualified Maryland Biotechnology Company. This program supports investment in seed and early stage biotech companies to promote and grow the biotech industry in Maryland.

Job Creation Tax Credit -  Businesses that create a minimum number of new full-time positions may be entitled to state income tax credits of up to $3,000 or $5,000 per job in a "revitalization area."

Research & Development Tax Credit - Businesses that have qualified R&D expenditures in Maryland may qualify for two state income tax credits.  The basic R&D tax credit and the growth R&D tax credit.  The tax credit remains in effect until June 30, 2022, subject to extension by the General Assembly.

Employer Security Clearance Costs Tax Credit - The ESCC Tax Credit provides income tax credits for expenses related to federal security clearance costs, construction of Sensitive Compartmented Information Facilities (SCIF's) and first-year leasing costs for small businesses doing security-based contract work. 

Buy Maryland Cybersecurity Tax Credit - Qualified Maryland companies may claim a tax credit for 50% of the net purchase price of cybersecurity technologies and services purchased from a qualified Maryland cybersecurity seller.  The tax credit must be claimed for the tax year in which a purchase is made.

Maryland Business Works - The Maryland Department of Labor, Licensing and Regulation, in consultation with the Maryland Department of Commerce, has returned the Maryland Business Works program, the highly successful worker training program.  Training funds can be used to upgrade the skills of current employees while also creating opportunities for new hires in in-demand occupations and skills. 

 

For more information on these and other tax incentives visit The Maryland Department of Commerce