The Working Marylanders Tax Relief Act of 2022 will be the largest Tax Relief Package In State History (if it becomes law). Some of the key provisions include eliminating 100% of State Retirement Taxes, an additional $650 Million in Tax Relief for Working Marylanders, and more Jobs For Marylanders Act 3.0 to Extend Successful, Job Creating Program Through 2027.
Link to Blog Post: ramlcpa.link/01-12a
The Retirement Tax Reduction Act
The Retirement Tax Reduction Act eliminates 100% of state retirement tax in Maryland. Tax relief will be phased-in starting in 2022.
The Working Marylanders' Tax Relief Act
Permanent tax relief for working families. The Working Marylanders' Tax Relief Act will make the enhanced earned income tax credits (EITC) permanent and provide another $650 million in tax relief for working families.
Screen Shot of the Tool
| interactive2.marylandtaxes.gov/EITCAssistant/ |
| Maryland Earned Income Tax Credit (EITC) Assistant - Calculator | Maryland Earned Income Tax Credit (EITC) - 2021 Thresholds |
Small Business Tax Relief
Small Business Fee Relief. The governor will also propose legislation to eliminate the filing fees for businesses that submit their annual report (SDAT), including the $300 annual filing fee for companies, LLCs, and other legal entities. This would make Maryland the first state to provide a zero-fee option for all businesses.
The More Jobs for Marylanders Act 3.0
Expansion of Manufacturing Incentives. The More Jobs for Marylanders Act 3.0 extends the program an additional five years, through 2027 and provides tax incentives to new and existing manufacturers that locate or expand in Maryland and create new manufacturing jobs and to non-manufacturers that locate or expand in Maryland Opportunity Zones.
Project Restore Act
Long-Term Economic Development. The Project Restore Act makes permanent initiatives, which provide financial assistance for small businesses and commercial developers to revitalize vacant retail and commercial space.
This post first appeared on Growth, Profits, & Wealth Blog By Travis Raml, CPA, please read the originial post: here
