About MARCA
Membership Directory
Events
Join MARCA
Home | News | Maryland governor proposes tax credit for hiring unemployed workers

Gov. Martin O'Malley (D-Md.) has announced he is proposing a $3,000 tax credit for firms that hire unemployed Maryland workers, according to The Baltimore Sun. O'Malley believes the one-year plan would help employ thousands of Maryland residents.

Capped at $20 million, the plan would allow Maryland businesses to receive a tax credit for each jobless resident they employ.

O'Malley also wants to allocate $10 million toward efforts for more liquidity for small businesses. His proposal would allow banks to apply for a Maryland Industrial Development Financing Authority guarantee of up to $50,000 for loans they make to businesses.

Additionally, O'Malley says he wants to help businesses that face a large increase in unemployment insurances taxes. He plans to present that proposal as emergency legislation when the general assembly's next session begins in January.

Anirban Basu, chief executive of economic and policy consulting firm Sage Policy Group, Baltimore, says the proposal seems reasonable.

"These ideas all appear to address the heart of what ails Maryland's economy, meaning a lack of jobs, lack of credit availability and rising costs among businesses who can at least afford to take on additional costs," Basu says.

12/8/2009

Quick Links

Upcoming Events
Oct. 26MARCA/RCI Educational Seminar

MARCA News
D.C. jobless rate falls in July

Maryland middle school could receive solar panel array

[ More news ]