Governor Larry Hogan Signs Tax Relief & Job Creation Legislation
Bills Expand More Jobs for Marylanders Program; Provide Tax Relief for Families, Retirees & Small Businesses; Aid Bay Restoration Efforts
ANNAPOLIS, MD – Governor Larry Hogan was joined today by Senate President Thomas V. “Mike” Miller and Speaker of the House Michael Busch to sign 229 bills into law at a signing ceremony at the Maryland State House in Annapolis.
The governor and presiding officers signed House Bill 365/Senate Bill 184, which will save Marylanders from nearly $3 billion over the next five years in increased state taxes as a result of the federal tax overhaul by adjusting state law on personal income tax exemptions. They also signed legislation expanding Maryland’s Hometown Heroes Act to include retired correctional officers (SB 299/HB 296) and allowing retired military veterans to keep more of their hard-earned money (HB 327/SB 966).
“Our administration has been focused on helping hardworking Maryland families, retirees, and small businesses; restoring our state’s economy; and delivering relief for Maryland’s beleaguered, long-suffering taxpayers,” said Governor Hogan. “We have now cut taxes, tolls, and fees four years in a row, by $1.2 billion dollars. This morning, we are signing important initiatives to prevent nearly $3 billion in new tax increases on hard-working Marylanders.”
Also signed today was economic development legislation (SB 989/HB 1295) that will build on the success of the administration’s innovative More Jobs for Marylanders Act, which was passed in the 2017 session. The program incentivizes manufacturing companies to create jobs in areas with higher unemployment by providing a tax credit for each new job created. In less than six months, over 110 companies have filed letters of intent with the Maryland Department of Commerce, with the potential to create tens of thousands of jobs, and 37 of those companies have filed official applications, which are projected to create over 1,400 new jobs. The legislation signed today will expand the program to additional jurisdictions, including Garrett, Caroline, Kent, and Wicomico Counties.
Additional measures signed today will bolster Maryland’s small business job creators and burgeoning cyber sector. The Small Business Relief Tax Credit (SB 134) will aid these employers in providing benefits like paid leave to their employees, and the Cybersecurity Incentive Tax Credits (SB 228) will encourage investment in the state’s cybersecurity industry and further solidify Maryland’s position as the cyber capital of America.
Building on the Hogan administration’s progress restoring the Chesapeake Bay, the governor also signed legislation enacting his proposal to incentivize septic system maintenance and agricultural best practices to reduce runoff, further protecting the Bay (HB 1765), as well as legislation to protect Maryland’s shoreline from offshore drilling (HB 1456) and additional environmental measures. The governor has been a vocal opponent of drilling off of Maryland’s coast at the federal level.
“I want to again thank President Miller, Speaker Busch, and legislators on both sides of the aisle for working together with us this session as we continue to change Maryland for the better,” said the governor.