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Businesses that expand or establish a facility in Maryland before January 1, 2010, resulting in the creation of new positions in the state may be entitled to a tax credit. The amount of the tax credit is based on the number of positions created or on the wages paid to the new employees.
The credit may be taken against corporate income tax, personal income tax, insurance premiums tax or public service company franchise tax. The same credit may not, however, be applied to more than one tax type. Sole proprietorships, corporations and pass-through entities, such as partnerships, subchapter S corporations, limited liability companies and business trusts may claim the tax credit. To Qualify For The Credit The business must create at least 60 new full-time positions as part of the new or expanded business facility in Maryland. If the positions are highly paid, the company must create only 30 positions. If the new or expanded facility is located in a priority funding area, the number of new positions the company must create is reduced to 25. Please contact the Maryland Department of Business and Economic Development at (410)767-4980 or (410)767-6438 to find out if your property is located in a priority funding area. Before filling these new positions, the company must notify the Department of Business and Economic Development of its intention to seek certification. The new positions must be:
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