Next Wednesday, February 7, the Senate Budget and Taxation Committee will hear SB 232, Income Tax - Research and Development Tax Credits – Modifications. This legislation expands the existing research and development tax credit by increasing to $12 million the aggregate amount of credits that the Department of Business and Economic Development can approve each year.

The expansion of the R&D tax credit is a necessary tax incentive for Maryland to compete with other states in attracting and retaining manufacturing operations and high technology companies. Technology and manufacturing companies help drive Maryland’s economy. Expanding this tax credit will help Maryland continue to attract and retain these companies, which will lead to continued economic expansion and job creation throughout the State.

The Maryland Chamber strongly supports this legislation. Last year, a similar bill died on the final day of the session. Help us ensure a better outcome this year. Contact your legislators and urge them to support SB 232 and HB 46, the crossfiled House version. Click here for more details and to take action.