Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
Maryland Gov. Larry Hogan (R) will sign a $5.6 billion tax incentive package for Amazon.com Inc., the governor’s office confirmed April 4.
Lawmakers approved the legislation, S.B. 877, on April 4 by a 34-12 vote in the Senate and a 79-59 vote in the House. The measure hasn’t arrived on the governor’s desk, so it’s uncertain when he will sign the bill, governor spokeswoman Shareese DeLeaver Churchill told Bloomberg Tax in an email April 4.
The bill was written directly in response to Amazon’s September 2017 announcement that it would establish a second headquarters (HQ2). Amazon has put Montgomery County, Md., on its short list of potential HQ2 sites. Nineteen cities in the U.S. and one in Canada are also in the running for the site, which the company says would bring 50,000 high-paying jobs and generate a $5 billion investment in the local community.
Hogan has called Amazon’s HQ2 “the single greatest economic development opportunity in a generation” and has pledged to commit “all of the resources we have to bring it home to Maryland.”
Amazon’s second headquarters would support more than 101,000 total jobs and bring Maryland an extra $17 billion per year in economic activity, an analysis from the Maryland Department of Commerce estimated.
The incentive package would offer $5.6 billion in tax incentives to any “qualifying business” that commits to hiring a minimum of 40,000 people and spending $4.5 billion over a 17-year period. The incentives only would take effect if Amazon comes to Maryland and would expire if a business doesn’t qualify before Jan. 1, 2022.
To contact the reporter on this story: Leslie A. Pappas in Philadelphia at firstname.lastname@example.org
To contact the editor responsible for this story: Ryan C. Tuck at email@example.com
Text of S.B.877 is at http://src.bna.com/xCo.
Copyright © 2018 Tax Management Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)