They contain $1.86-billion in tax relief for Marylanders.
Annapolis, Md. (KM) – A total of $1.86-billion in tax relief legislation was sign into law on Friday. “This is an historic day for our state and the people of Maryland,”: said Governor Larry Hogan during the signing ceremony.
One bill would provide tax relief for retirees 65 and older who make up to $100,000 in retirement income, and married couples who make up to $150,000 in retirement income. The total tax relief from that bill is $1.55-billion.
In the past, many retirees decided to leave Maryland to live in other states, where they spent most of their lives, due to high taxes on their retirement income.
Another bill, the Work Opportunity Tax Credit, would incentives employers and businesses to hire and retain workers from underserved communities who have significant barriers o employment. That legislation provides a total tax relief of $195-million.
A third measure, called the Family Boosters, provides tax exemptions; for child care products such as diapers, car seats and baby bottles. There are also tax exemptions or dental hygiene products, diabetic care products and medical devises. The total tax exemption from that piece of legislation is $115-million.
Also on hand for the bill signing was Senate President Bill Ferguson. “The bills that are going into law today cap off what amounts to nearly $2-billion in economic support for Maryland’s working families, retirees and small businesses,” he said.
On hand as well was House of Delegates Speaker Adrienne Jones. “We know that there are still families and individuals who are still struggling to put food on the table and afford basic necessities,” she said. “We are using the state’s historic budget surplus to support these Marylanders most in need.”
The Governor’s Office says the total tax relief enacted under the Hogan Administration is $4.7-billion.
By Kevin McManus