Technology and science are leading the economic recovery, and Maryland is well positioned as a national leader in research and development. While our highly educated workforce and outstanding colleges and universities are economic development assets, we need to ensure that our research and development tax credit remains competitive with other states and provides a meaningful incentive for R&D investments.
The Senate Budget and Taxation Committee heard legislation to increase the total amount of R&D tax credits that may be awarded annually from $8 million to $10 million. Senator Nancy King said she introduced the bill, SB 570, to “continue the strides we are making in economic growth and allow Maryland to continue its commitment to creating high-paying, quality jobs.”
The Maryland Chamber supports the legislation. It is a small step that would support continued economic growth and high tech job creation throughout the State. View our complete position statement here. For more information, contact Mathew Palmer at firstname.lastname@example.org.