Gov. Hogan indicators tax lower package deal, largest in state historical past

Gov. Hogan indicators tax lower package deal, largest in state historical past

Friday, April 1, 2022
Robert Sobus, WBAL NewsRadio 1090 and FM 101.5

Gov. Larry Hogan on Friday signed a $1.86 billion tax aid invoice for retirees, working households and small companies, the biggest tax lower package deal in state historical past.

Hogan was joined by Senate President Bill Ferguson, House Speaker Adrienne A. Jones and lawmakers when he signed the close to $2 billion invoice into laws.

“Our state is in a stronger fiscal position today than it has ever been before, and because of that, we are able to keep our commitment to Maryland’s retirees,” Hogan stated in a information launch. “Many said this could never be done in Maryland, but together we did it. I want to sincerely thank the legislative leaders on both sides of the aisle and in both houses for coming together to help more Marylanders keep more of their hard-earned tax dollars in their own pockets, particularly our seniors on fixed incomes.”

WATCH: Bill signing ceremony

The tax aid measures enacted embrace:

– The Retirement Tax Elimination Act supplies aid for retirees 65 and older making as much as $100,000 in retirement earnings, and married {couples} making as much as $150,000 in retirement earnings. ($1.55 billion)

– The Work Opportunity Tax Credit incentivizes employers and companies to rent and retain employees from underserved communities which have confronted important boundaries to employment. ($195 million)

– Family Budget Boosters: gross sales tax exemptions for youngster care merchandise equivalent to diapers, automotive seats, and child bottles, and significant well being merchandise equivalent to dental hygiene merchandise, diabetic care merchandise, and medical units. ($115.6 million)

The complete tax, toll and price aid underneath Hogan’s administration is near $4.7 billion, in accordance with the information launch.

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