Economic Opportunity

The Governor has been insturmental in the passage of bills that have greatly helped our state's economy. Marylands economy has improved dramatically over the last three years. Job creation, business starts, and incomes are up; taxes are down. Maryland has jumped over 26 other states, moving from 49th in job creation to 23rd in the last three years. ( Bureau of Labor Statistics) Maryland now ranks fifth in the nation in business starts or new business formation, outperforming our neighboring states and major competitors Virginia ( 8th). North Carolina ( 7th), Delaware ( 13th), and Pennsylvania ( 31st). ( Dunn and Bradstreet) Between 1995- 1996 per capita income rose from $26, 352 to $27, 221 up 3.3%. ( U.S. Department of Labor, Licensing and Regulation)

Maryland
 Estimated Five- Year Impact of Tax Reductions
Total $2.2 Billion

millions
Unemployment Insurance Surcharge Freeze
$410.0
Financial Institutions Franchise Tax Reduction
Sales Tax on Long Term Car Leasing
Sales Tax on Optional Software Maintenance Contracts
Sales Tax on Vending Machines
Alternative Fuel Tax Credit
  ----------
 
$523.8
 
Sales Tax on Snack Food
$61.3
Job Creation Tax Credits
No est.
  -----------
 
 
Income Tax Cut
$1,154.0
Tax Credit for Property Used in Production
Inheritance Tax- Estate Income Exemption
No est.
Job Creation Tax Credit- Expanded Eligibility
No est.
Employers Tax Credit for Individuals with Dissabilities
No est.
  -----------
 
$1,262.4
 
Income Tax Cut Acceleration
$216.0
Refundable Earned Income Tax Credit
Expanded Homeowners Property Tax Credit
Work-Not-Welfare Tax Credit
No est.
Word-Based Learning Programs Tax Credit
Employer-Provided Long-Term Care Insurance Tax Credit
Water Quality Improvement Tax Credits
 

-----------
 
$379.9
   
Five Year Total Tax Reduction
$2,245.4

Home