New Jobs Tax Credit CalculationFind more information from the following link(s):
The New Jobs Tax credit is based on the increase in both real and personal property tax assessments resulting from the business's expansion. The credit decreases over six years, as follows: Years 1 and 2 Credit equals 52%, Years 3 and 4 Credit equals 39%, Years 5 and 6 Credit equals 26% of tax attributable to the assessment increase. New Jobs Tax Credit recipients automatically receive an additional State of Maryland tax credit, which uses the same calculation method. However, the State credit is given against one of the following taxes: Corporate or personal income taxes, Financial institutions franchise tax, or Insurance premiums tax.
New Jobs Tax CreditProperty Tax Credit and Exemption Information