The following are tax credit or tax incentive programs that could be applicable to your business:
Job Creation Tax Credit: Companies are provided with a credit against either corporate or individual income tax, insurance premium tax, or public service company franchise tax based on the newly created qualifying jobs created by qualifying businesses.
Informational Link: http://www.taxes.marylandtaxes.com/Resource_Library/Tax_Publications/Business_Tax_Credits
Enterprise Zone Tax Credit: Real property and state income tax credits for newly created jobs and investments in pre-designated “Maryland enterprise zones.
Informational Link: http://www.business.maryland.gov/fund/programs-for-businesses/enterprise-zone-tax-credit
One Maryland Tax Credit: This tax credit program delves into one of the following categories.
- Project Tax Credit: generous Maryland income tax credit for capital expenditures made to land acquisition, building construction, rehabilitation, installation and purchasing of equipment in certain Maryland counties if the company making the capital expenditures meets certain job creation requirements.
- Start-Up Tax Credit: Maryland income tax credit for costs of moving a start-up company to Maryland if certain job creation requirements are met.
Research and Development (R & D) Tax Credit: An income tax credit for qualified research and development expenses, incurred in Maryland, as defined in the Internal Revenue Code § 41 (b).
Informational Link: http://www.business.maryland.gov/fund/programs-for-businesses/research-and-development-tax-credit
Biotechnology Investment Tax Credit: A refundable income tax credit for early investments in Maryland biotechnology company; investors are able to receive credits worth $250,000 per year for each qualified biotechnology company they invest in.
Informational Link: http://www.business.maryland.gov/fund/programs-for-businesses/bio-tax-credit
Cyber Security Investment Incentive Tax Credit: A unique income tax credit as the credit is provided to qualifying cyber security companies that secure investments from investors; furthermore, the credit is refundable—if a qualifying firm has no Maryland income tax liability in the year the credit is secured, a refund will be generated.
Informational Link: http://www.business.maryland.gov/fund/programs-for-businesses/cyber-tax-credit