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O’Malley Testifies In Favor Of $100M Tax Credit Program

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(Credit: CBS)

(Credit: CBS)

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Pat Warren joined the Eyewitness News team in 1992. Pat came to WJZ...
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ANNAPOLIS, Md. (WJZ) — Spending money to make money.  Governor Martin O’Malley made a personal pitch for lawmakers to approve a plan called Invest Maryland.

Political reporter Pat Warren explains it’s intended to get companies running and people back to work.

O’Malley continues on his theme with a plan to put money into businesses that have a hard time finding it themselves.  This proposed venture capital program is a sort of second installment of jobs and economy initiatives that started with hiring credits to small businesses like the Chesapeake Machine Company in Baltimore, which got its 15 minutes of fame last year when President Barack Obama paid a jobs creation visit.

“Anything they do to encourage hiring with tax credits and to encourage reinvestment with tax credits,” said Terry Sims, Chesapeake Machine Company.

That’s how Stanley Tucker is feeling Wednesday about the governor’s new plan to let insurance companies pay their taxes in advance at a reduced rate and the state invest that money in new businesses.

“I’m from a family of entrepreneurs,” Tucker said.  “Not only will it give us the ability to hire more people, but the companies we invest in will also hire more people, as well.”

This plan is designed to improve an area that analysts have found lacking in Maryland, taking a chance on new companies.

“It will help us hire more employees,” said business owner Michael Binko.

The state should benefit, too.  According to the O’Malley administration, it will get a 100 percent return on its investment and a share of company profits.  The bill got its first hearing in committees in both the House and the Senate Wednesday.

The state’s investment would total $100 million.

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