Everybody loves a good gift. What’s a better gift for business than a tax credit?
Tax credits help incentivize everything from hiring to research & development to strategic initiatives. When bordering states offer more of them than Maryland does, we fall to a competitive disadvantage. Pennsylvania, for example, spends $55 million on R&D tax credits. Meanwhile, the Maryland Department of Legislative Services has recommended elimination of some such credits during the upcoming session.
That’s why MDCC Vice President of Government Affairs Larry Richardson testified last week before the Tax Credit Evaluation Committee about R&D and biotechnology investment tax credits. In 2017, Maryland lawmakers increased the R&D tax credit and redefined the biotech investment tax credit to expand upon the number of companies eligible. Our testimony stressed that these and other credits and incentivized investments lead to new technologies that create industries, grow jobs and expand our economy. They shouldn’t be eliminated.
As the 2018 Legislative Session comes closer, we will continue to support tax credits that incentivize economic expansion and job growth through investments in new technologies and talent. That includes tax credit bills we supported last session and will continue to support this session, involving cybersecurity, internships, Enterprise/RISE Zones, and R&D.
The early part of the day features preparation and one-on-one meetings with legislators, plus a rally and session preview luncheon. Our legislative reception follows in the evening. Whether you join us for one part of the day or the whole day, this is your chance to tell legislators the impact their decisions have on your organizations.
So register, and be sure to note within the registration form that you have the opportunity for us to schedule a meeting with your legislator for you.