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Key Votes

SB 877 - Authorizes Corporate Tax Incentives - Maryland Key Vote

Timeline

Issues Related to SB 877

Stage Details

Legislation - Signed (Executive) -

Title: Authorizes Corporate Tax Incentives

Legislation - Bill Passed (House) (78-60) -

Title: Authorizes Corporate Tax Incentives

Legislation - Bill Passed (Senate) (34-12) - (Key vote)
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Title: Authorizes Corporate Tax Incentives

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Vote Smart's Synopsis:

Vote to pass a bill that establishing the Promoting Extraordinary Innovation in Maryland's Economy (PRIME) program.

Highlights:

 

  • Establishes the Promoting Extraordinary Innovation in Maryland’s Economy (PRIME) program within the Department of Commerce (Sec. 1).

  • Requires businesses to apply for the program by submitting an application which contains information including, but not limited to, the following (Sec. 1):

    • Anticipated start date of eligible project;

    • Location of eligible project;

    • Estimated number of qualified positions to be created;

    • Anticipated payroll for qualified positions; and

    • Evidence that the eligible project will serve as a headquarters.

  • Defines “qualified position” as a position that (Sec. 1):

    • Is full-time;

    • Is indefinite in duration;

    • Pays between $60,000 and $500,000 a year; and

    • Is newly created and located at the eligible project in the state.

  • Requires businesses, in order to establish an eligible project, to engage in activities including, but not limited to, the following (Sec. 1):

    • Submit evidence that the business is legally committed to spending at least $500 million in project expenses; and

    • Submit a project plan that commits to, over 17 years:

      • Fill at least 40,000 qualified positions;

      • Provide compensation for such positions that, on average, equals at least $100,000 a year; and

      • Spend at least $4.5 billion.

  • Authorizes business to include in the $500 million certain expenses including, but not limited to, the following (Sec. 1):

    • Payments made to contractors, builders, and suppliers;

    • Land acquisition;

    • Surveys, estimates, plans, and architectural services;

    • Installing water, sewer, gas, electricity, communications, railroads, and utilities;

    • Non-recurring expenses such as furniture; and

    • Insurance.

  • Authorizes various tax benefits for participation in the program, including the following (Sec. 1):

    • A credit against state income tax;

    • A credit against portions of county and state property taxes; and

    • An exemption from sales and use tax.

  • Specifies that if the number of qualified positions at the eligible project decreases to a number less than that which was reported in the first benefit year, the project will be removed from the PRIME program and benefits will be terminated (Sec. 1).

  • Authorizes the State Comptroller, upon a business’s removal from PRIME by the Department of Commerce, to make an assessment against the business to recapture any amounts of program benefit the business has received (Sec. 1).

Legislation - Introduced (Senate) -

Title: Authorizes Corporate Tax Incentives

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