Post by Logan on Mar 7, 2017 3:15:21 GMT -6
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 more: www.capitalgazette.com/maryland_gazette/news/bs-bz-business-incentive-spending-grows-20170302-story.html
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 more: www.capitalgazette.com/maryland_gazette/news/bs-bz-business-incentive-spending-grows-20170302-story.html