MARYLAND, USA — Gov. Larry Hogan announced Tuesday that he is introducing a major tax relief package for Marylanders. Hogan said that it’s the largest tax cut package in the state’s history.
The package will include many forms of relief. He shared the introduction of the new Retirement Tax Reduction Act of 2022, which will eliminate 100% of state retirement taxes for all retirees. Hogan said that the act will be phased in over time, beginning in tax year 2022 and be available for those who are older than 65 and who claim social security.
In addition, he shared the Working Marylanders Tax Act of 2022, which makes earned income from the previous Relief Act of 2021 permanent. The move will provide working Marylanders another $650 million in tax relief.
“Hard-working families should not have to worry that this critical tax relief is going to be taken away from them,” Hogan said of the change.
Hogan went on to share the More Jobs for Marylanders Act 3.0, which he said would continue to incentivize more investment and job creation across the state. He extended the More Jobs for Marylanders program for the next five years through 2027, which he announced would make the state a more attractive place for manufacturers to start new businesses and create jobs.
The state is also eliminating the annual $300 filing fee for any business that registers with the state electronically as well as the $100 annual filing fee for family farms, making Maryland the first state in the country to cancel the fees.
The governor also introduced the Project Restore Act of 2022, which makes permanent the previously announced COVID-19 recovery initiative. Hogan assured that the move will help drive more jobs and investments to small towns and main streets for years to come.
“We are continuing our focus on delivering exactly what we promised seven years ago: real, long-term relief to hardworking Marylanders, small businesses and retirees; creating more jobs and more opportunity in every corner of the state and continuing to lead the nation in economic recovery so that our state comes back even stronger and better than ever before,” Hogan said of the many new initiatives.