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.
Click here to read the rest of the article written by Natalie Sherman over at the Baltimore Sun