Businesses that create a minimum number of new full-time positions may be entitled to state income tax credits of up to $1,000 per job or $1,500 per job in a “revitalization area.” An income tax credit of 2.5 percent of aggregate annual wages for all newly created, full-time jobs up to $1,000 per new job. In revitalization areas, the credit increases to 5 percent of annual wages, up to $1,500 per new job. Credits may not exceed $1 million per credit year. If the credit is more than the tax liability, the unused credit may be carried forward for five years. The application process requires the business to declare its intent to Commerce prior to creating new, qualified jobs.
For more information and to apply, please visit commerce.maryland.gov