The More Jobs for Marylanders program promotes the growth of the manufacturing sector by:
Providing tax incentives for manufacturing job creation
Encouraging manufacturers to invest in new equipment through accelerated and bonus depreciation
Funding job training and apprenticeship programs to help strengthen Maryland's workforce
Tax credits are available to new and existing manufactures that locate or expand in Maryland and create new manufacturing jobs. As a Tier 1 jurisdiction, new and existing manufacturers located Prince George's County may qualify for the following credits, available for a 10-year benefit period:
A refundable credit against the State's income;
A credit against the State's portion of the property tax;
A refund of sales and use tax; and
A waiver of fees charged by SDAT
Existing Business: A refundable credit against the State's income tax.
To qualify to participate in the More Jobs for Marylanders Program, a business must:
Be a manufacturer primarily engaged in activities that, according to the North American Industrial Classification System (NAICS), would be included in Sector 31, 32, or 33, except for Refiners.
Offer ongoing job training or a postsecondary education program (e.g. tuition reimbursement).
Provide Notice of Intent to enroll in the program:
New manufacturers provide Notice of Intent to the Maryland Department of Commerce before establishing a facility in Maryland.
Existing manufacturers provide Notice of Intent to the Maryland Department of Commerce before creating new jobs.
New or existing manufacturers must create at least 5 new qualified jobs. (A qualified job is a job that is full-time, pays at least 120% of State minimum wage and is filled for 12 months.)
The business must begin hiring within 12 months of its Notice of Intent to Commerce. Once it begins hiring, it must add 5 new qualified positions within 12 months after the date of its first new hire.
Existing manufacturers that move from their facility one Maryland county into another after June 1, 2017 will not be eligible to participate.
Be certified by Commerce as a qualified business entity.
Businesses can enroll their project in the More Jobs for Marylanders Program and be certified as a Qualified Business Entity until June 1, 2020. Businesses who have been certified to receive benefits under the program will receive them for the full ten-year duration, subject to appropriation.
If, during the 10-year benefit period, the number of new qualified positions falls below the number the business received credit for in the first benefit year, the project will be removed from the program and all benefits will be terminated.
Click here for more information on the More Jobs for Marylanders program or call us at (301) 583-4650.
For more information about the More Jobs for Marylanders program, please contact Ebony Stocks: