The Hogan administration is asking the General Assembly for more power to attract companies to Maryland — and to keep those that are here from leaving.
The push follows the revival of the state’s largely dormant “Sunny Day” program to negotiate record-breaking packages for Northrop Grumman and Marriott. It comes as the administration steers more funding to its reorganized economic development arm, the rebranded Commerce Department.
State spending on business incentives — through loans, grants and tax credits — is growing again. Some of that increase is a natural result of an improving economy, as property values rise and businesses invest — and then take advantage of tax credit programs. The state waived more than $106 million in sales tax in fiscal 2016, for example, linked solely to purchases of machinery used for production. Read the full article from The Baltimore Sun