Governor Hogan’s Massive Tax Relief Package
MARYLAND – Today Governor Larry Hogan announced the largest tax relief package in Maryland history.
Over 4.6 billion dollars will be heading to Maryland families, small businesses and retirees.
The plan is outlined in five parts, first focusing on increasing the states rainy day fund at least 7.5%, or $1.67 billion as a way to be better prepared for future crises.
Part two and three are about providing tax relief specifically through the Retirement Tax Reduction Act which will eliminate one hundred percent of state retirement taxes , and the Working Marylanders Tax Relief Act that will provide working families with another $650 million in cumulative tax relief
Also included in Governor Hogan’s package is the small business fee relief that will cancel filing fees for businesses that submit their annual report online with Maryland State Department of Assessments and Taxation, as well as the expansion of the More Jobs for Marylanders Act through 2027.
Finally, part five hones in on financial help for small businesses and commercial developers during the pandemic to revitalize vacant retail and commercial space.