Gov. Larry Hogan plans to introduce legislation waiving all state taxes for manufacturers that relocate to Maryland and create jobs in high unemployment areas.
Hogan made the announcement during a news conference in east Baltimore for what the governor dubbed the Maryland Jobs Initiative.
“Not all Marylanders and not every jurisdiction in our state are seeing the some level of income and economic success,” Hogan said.
Hogan touted The More Jobs for Marylanders Act of 2017 that would eliminate state taxes for manufacturers for 10 years if they move to Maryland and create jobs in areas struggling with unemployment. The governor didn’t mention specific areas of the state eligible for the tax credits. He did mention Baltimore City, Allegany, Somerset and Worcester counties as areas suffering from high unemployment.
The governor’s plan also involves encouraging existing manufacturers to expand. He hopes tax credits for creating new jobs provide impetus for new hiring in economically disadvantaged areas.
Another planned stimulus for manufactures allows for the acceleration of deductions on capital assets. The governor argued this encourages investment in in new technologies needed to manufacturing to remain viable in the future.
To prepare students for these jobs Hogan plans on adding funds state funds to create six more Pathways in Technology Early College High Schools throughout the state. He also pledged to increase funds already in the works.
“Our goal is for more children and their families to take advantage of this incredible and innovative program,” Hogan said.
The administration plans to add $1 million to the Partnership for Workforce Quality Program. Those additional funds will encourage more companies, Hogan said, to also contribute to workforce training in the state.
Hogan also plans on investing $3 million in cyber job training grants. He called Maryland the nation’s burgeoning “cyber capital.” He said there are already more than “1,200 cyber companies” in the state and more moving here.
“Many cyber companies have expressed to us that they just can’t find the workers that they need to fill all of these jobs,” Hogan said.
The administration also wants investors to provide capital for startup companies and plans to enhance and expand Maryland’s cybersecurity investment tax credit to achieve that goal.