Maryland invests in education, workforce

January 26, 2017

Earlier in the month, Maryland Gov. Lawrence Hogan announced the 2017 Maryland Jobs Initiative, a legislative package that would eliminate all state taxes for 10 years for new manufacturing employers that create jobs in high unemployment areas, as well as incentives for current employers who expand their workforce in those areas. The package also includes $1 million for a program for employers to invest in employee training to keep their skills up to date, $3 million in funding for cyber job training grants, and expansion of an existing program that would make tax credits accessible to investors in cybersecurity startups. Released earlier this week, the governor’s budget recommends funding levels for a variety of tech-based economic development programs, initiatives and tax credits.

In his FY 2018 budget proposal, the governor is recommending:

·       Funding for the planning of six new Pathways in Technology Early College High Schools (P-TECH) across the state, doubling the total number of schools in FY 2018. P-TECH graduates earn their high school diploma and a two-year postsecondary degree in a STEM field from an accredited community college;

·       Of interest in the Maryland Department of Commerce are:

o   $8.5 million in FY 2018 for the Maryland E-Nnovation Initiative, which provides matching funds for research endowments at nonprofit institutions of higher education, a $500,000 increase from FY 2017;

o   $1.6 million in FY 2018 for the Office of Strategic Industries and Entrepreneurship, up from $1.4 million appropriated in FY 2017;

o   $1.5 million in FY 2018 for the Office of Cybersecurity and Aerospace, up from $1.4 million appropriated in FY 2017; and,

o   $1.1 million in FY 2018 for the Partnership for Workforce Quality, which received no funding in FY 2017.

·       The Maryland Technology Development Corp would receive $18,474,480 in general funds, down from $19,467,480 appropriated in FY 2017. The decrease is due largely to a reduction in funding for the Maryland Stem Cell Research Fund. Proposed appropriations for FY  2018 for the Enterprise Investment Fund from Special Funds would total $7,347,580, an increase of just over $3,000 from FY 2017;

·       The Maryland Biotechnology Investment Tax Credit Reserve Fund would be at $12 million in FY 2018, unchanged from FY 2017; and,

·       The Cybersecurity Investment Incentive Tax Credit Program would receive $2 million in FY 2018; the program did not receive funding in FY 2017, but did receive $1 million in FY 2017.

The administration is also proposing legislation to allow low and middle income Marylanders to deduct 100 percent of interest paid on student loans from their state taxes.

 

Marylandstate budget