NFIB-approved proposal offers tax incentives and workforce training help.
Hogan’s Jobs Initiative Is Good for Small Biz
2017 is off to a good start for
Maryland small business owners. In advance of the legislative session that
began on Jan. 11, Gov. Larry Hogan announced his jobs initiative, which focuses
on tax relief and workforce development. NFIB/MD praised the proposal.
“The Maryland small business
community applauds Gov. Hogan’s focus on creating additional jobs for our state
in the areas that need it most. A complete elimination of all state taxes for
10 years for new manufacturing employers, as well as tax incentives for
existing businesses will go a long way to assist these blighted areas,” NFIB/MD
State Director Mike O’Halloran said in a statement. “Additionally, today’s
focus on multiple ways to improve our workforce will go a long way to ensuring
that Maryland small businesses are able to hire employees with the proper skill
set and training. The less time that a small business owner has to spend
training a new employee, the more likely he or she is to hire additional
Included in the package are the
- More Jobs for Marylanders Act, which eliminates all state taxes for
10 years on new manufacturing employers that create jobs in high unemployment
areas, including Baltimore City and Allegany, Dorchester, Somerset, and
Worcester counties. Businesses in these areas, new or existing, will also
receive a tax credit for new jobs created, and they will be able to accelerate
the deductions of their capital assets.
- Expansion of P-TECH (Pathways in Technology Early College) by
opening six new high schools around the state. This program combines high
school, college, and work experience into one program in which graduates earn a
two-year associate degree in a STEM career field.
- Maryland Partnership for Workforce Quality, a $1 million investment
encouraging Maryland businesses to invest in employee training.
- Cyber Jobs Training Grants, a $3 million investment that will
provide funding for cyber job training grants in industries like security
engineering and software development. This is modeled after Maryland’s Employment
Advancement Right Now (EARN) workforce training program, which has provided
training to more than 1,700 unemployed or underemployed workers.
- Cybersecurity Investment Incentive Program, which offers tax
credits to investors in cybersecurity startups (modeled after the state’s
biotechnology tax credit).