PODCAST: Maryland Department of Commerce Executive Discusses Updated Job Creation Tax Credit Program
UPDATE: Effective July 1, 2019, Legislation has extended the Maryland Job Creation Tax Credit sunset date from January 1, 2020 to January 1, 2022. Revisit Altus Group’s August 2017 podcast interview with Mark Vulcan, Program Manager with the Maryland Department of Commerce to understand how this tax credit could benefit your growing business in Maryland.
In the following August 2017 podcast interview, Tom Dubel, Senior Director with Altus Group’s Location & Incentive Strategies services team, speak with Mark Vulcan, Program Manager with the Maryland Department of Commerce, about the updated Maryland Job Creation Tax Credit program.
The State of Maryland recently passed key enhancements legislation for the Maryland Job Creation Tax Credit (JCTC) program, which provides companies an incentive that are considering expansion or relocation in Maryland.
Effective as of July 1, 2017, this tax credit allows qualified organizations to receive a credit of $3,000 per new job or in a revitalization area, $5,000 per new job. As a first come, first served tax credit, this is an outstanding opportunity for companies to receive state income tax credits, mitigating tax liability while maximizing return on investment. In order to achieve the maximum potential incentive value, proper planning, record keeping and analysis are all critical elements.
To help companies fully maximize the tax credit, and understand the JCTC application process, Altus Group is sharing important insights from the Maryland Department of Commerce’s Mark Vulcan, who is responsible for managing the program.
Here are the key highlights from the podcast interview:
- A deep dive into the recent changes to the JCTC. (1:06)
- Insights into how much in tax credits a business may claim per year. (5:30)
- Why timing is of the essence in terms of leveraging the JCTC. (6:19)
- How the application process works. (6:54)
- Why having no penalty to file a letter of intent with the Department of Commerce is a key benefit. (7:22)
- Why having a consultant to assist with this process is critical for maximizing potential value. (9:59)
- Additional updates from the Maryland Department of Commerce. (11:12)
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Last updated on September 4th, 2019 at 04:04 pm