From the Governor
“We are incredibly proud that Maryland is home to worldclass universities and federal laboratories, as well as private companies, that are hard at work advancing technology from the spark of an idea all the way to the marketplace…. We must continue to cultivate Maryland’s talented workforce and strengthen our federal and university partnerships so that Maryland can reach its full potential in the innovation economy.” —Gov. Larry Hogan
A New Cybersecurity Incentive and More Headquarters Relocations
The Free State recently announced one of the first statewide cybersecurity investment incentive tax credits of its kind. It’s also seeing a wave of headquarters relocations with Vision Technologies, Paul Fredrick and Datawatch Systems recently announcing moves to the state. Also, Bank of America is adding 600 new jobs and The Container Store is building a distribution center in Perryman.
Biotechnology Investment Incentive Tax Credit: Offers income tax credit equal to 50% of an eligible investment in a qualified Maryland Biotechnology Company (QMBC) supporting investment in seed and early-stage biotech companies.
Cybersecurity Investment Incentive Tax Credit: Offers a refundable tax credit of 33% of the investment for venture capitalists, angel investors and others investing at least $25,0000 in a Qualified Maryland Cybersecurity Company.
Job Creation Tax Credit: Offers state income tax credits of up to $3,000 per job or $5,000 per job in a revitalization area.
One Maryland Tax Credit: Offers a state income tax credit of up to $5 million for businesses that invest in a project in a Tier 1 county and create a minimum number of jobs.
Research and Development Tax Credit: Offers two separate state income tax credits for companies that have qualified R&D expenditures in the state.
Maryland Economic Development Commission: commerce.maryland.gov/commerce/boards-and-commissions/economic-development-commission
Maryland Economic Development Association: medamd.com
Maryland Economic Development Corp.: medco-corp.com
Economic Alliance of Greater Baltimore: greaterbaltimore.org
Highlighted Program or Initiative
More Jobs for Maryland incentivizes manufacturers to create new jobs in the state by offering income tax credits, a state property tax credit, a sales and use tax refund and a State Department of Assessment and Taxation fee waiver. As of August 2018, more than 124 companies had taken advantage of the program and created 2,000 jobs.
- Global systems integrator Vision Technologies announced in February 2018 it is relocating its headquarters in Anne Arundel County and will add 100 new jobs over the next five years.
- Bank of America announced in March 2018 it will add 600 new jobs at its Hunt Valley Complex by 2020.
- Online menswear retailer Paul Fredrick announced in July 2018 it will move its corporate office from Pennsylvania to Baltimore County and add 70 new jobs in the next five years.
- Commercial office security provider Datawatch Systems announced in July 2018 it is relocating its headquarters to Montgomery County and adding 50 new jobs in the next four years.
- The Container Store announced in September a 600,000-square-foot distribution center in Perryman that will create 150 jobs by the end of 2019.
McCormick & Co.
Host Hotels & Resorts
T. Rowe Price Group
Three Fortune 500 companies are headquartered in the state:
“We appreciate all of the support we have received from the Maryland Department of Commerce and Anne Arundel County as we continue to grow. Anne Arundel County has been a great place to start and grow our company, and we are proud of what we have achieved.” —John Shetrone, President and CEO, Vision Technologies
“We are pleased to be moving our office to Baltimore County…. Our team is looking forward to being in the greater Baltimore area, which has a long history in the apparel manufacturing business, and where we have the ability to hire from the area’s rich talent pool and terrific local colleges and universities.” —R. Neal Black, CEO, Paul Fredrick
“Harford County is an ideal location for The Container Store to be able to better serve our customers on the East Coast, and we look forward to becoming a part of this strong and vibrant community.” —Val Richardson, Vice President of Real Estate, The Container Store