ANNAPOLIS, Md. (WDVM) — Gov. Larry Hogan announced the largest tax cut package in state history that delivers more the $4.6 million in relief for working families, small businesses, and retirees.
Hogan reports tax revenues are up to $1.6 billion, and the state has a record surplus of $2.5 billion. He is proposing to invest by bolstering the state’s rainy day fund and providing tax relief for seniors by eliminating 100% of state retirement taxes.
“Next to our health recovery from the worst pandemic in more than a century, nothing is more important than our continued economic recovery,” said Gov. Hogan. “With all of the important announcements we are making today, we are continuing our focus on delivering exactly what we promised — real, long-term relief to hardworking Marylanders, small business, and retirees, creating more jobs and more opportunity in every corner of the state, and continuing to lead the nation in economic recovery so that our state comes back even stronger and better than ever before.”
Hogan also proposed an additional $650 million in tax relief for working Marylanders and extended the More Jobs for Marylanders Act for another 5 years. And for small businesses, Hogan proposed legislation to eliminate the filing fees for companies, LLCs and family farms. And when it comes to long-term economic development, the project restore act will make the COVID-19 recovery initiative permanent.