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

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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Comments

One Comment

  1. JOE WRIMMET says:

    A COMEDIAN

  2. Frankie says:

    How about O’Malley reduce the 700% increase to small business on the Unemployment Insurance Tax? Or how about other state increases that hurt small blue collar businesses in Maryland. This is a big joke, if O’Malley “really” wanted to help business in Maryland – he should look long and hard at the state budget and make some tough cuts in programs (some of which don’t even directly benefit Maryland citizens)………and reduce the tax and fee liabilities to small business who call Maryland home (for now)… take a lesson from the state of Illinois. Look what Obama left behind there. Maryland – get ready it’s going to get worse if O’Malley and Bush keep the course.

  3. ED says:

    HOW ABOUT A TAX CREDIT FOR ME, SO I CAN REINVEST IN MY HOME AND FAMILY. MY MONEY WILL AT LEAST MAKE IT’S WAY BACK INTO THE ECONOMY

  4. NEIL PEAPUS says:

    omally the the crooked crook OMALLY PLEASE LEAVE OFFICE

  5. THOMAS FIDATIO says:

    crook crooked please resign for the good of maryland

  6. WHAT A MESS says:

    omally you have mess written all over your mug

  7. A Joke says:

    He is a joke! NEVER should have been re-elected!!!!!

  8. Debbie says:

    If you voted for him your deserve what you are getting. But then most of the people who voted for him are in line with their hands out not contributing.

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