4) Income Tax Credits
Qualified Research and Development (R&D) Expenses – Credit Amounts:
Legislation sought to increase Maryland’s aggregate cap on research and development tax credits from $9 million to $12 million was introduced during the 2016 session. Increasing the amount of funding allowed for this tax credit would help promote high tech job creation in Maryland. Therefore, the Chamber will continue to support this bill.
Income Tax Credit – Eligible Employees – Eligible Internships:
This bill would create a tax credit against the state income tax for a Maryland business entity that employed an “eligible intern” who otherwise would not have been hired without the tax credit.