Gov. Hogan proposes $15 million in tax credits.
Could Small Business Benefit from the Maryland Education Tax Credit?
Last month Gov. Hogan announced a series of education-focused legislative proposals, and one—The Maryland Education Tax Credit—could be attractive to small businesses.
According to a press release from the Governor’s office, the Maryland Education Tax Credit would provide a tax credit to individuals, businesses and nonprofits that make donations to public and private schools to support basic needs, such as books, supplies, technology, academic tutoring, tuition assistance and special needs services. The tax credits—which would be phased in over three years and would total $15 million—are awarded through the Department of Commerce.
While Gov. Hogan’s office notes that similar legislation has been passed in the Maryland State Senate in the past, the proposal received opposition from the General Assembly last year and is likely to face similar resistance this year.