Md. Lawmakers Announce Joint Agenda - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Md. Lawmakers Announce Joint Agenda

Posted: Updated:
(Photo: WBOC) (Photo: WBOC)

ANNAPOLIS, Md. (AP)- Maryland lawmakers from the House and Senate came together Friday to announce several ideas for the state economy, including tax credits and a change in the estate tax to exempt a higher amount from taxation.
 
In the past, lawmakers in the House and Senate have put together separate agendas near the start of the session. However, that hasn't always worked out well. One chamber's bill often failed to pass in the other.
 
This time, Democratic lawmakers who hold strong majorities in the House and Senate are starting out on the same page with confidence the proposals will find easy favor.
 
"They're going to be on the floor soon after hearings, and they're going to be passed," said Senate President Thomas V. Mike Miller.
 
One measure would move Maryland's estate tax in line with the federal government's over four years. Maryland estates worth more than $1 million are taxed by the state at a rate of up to 16 percent, while the federal government exempts the first $5.25 million of estates and taxes money above that amount at 40 percent.
 
In the first year under the proposal, the threshold for taxing an estate will rise from $1 million to $1.75 million. It would increase to $2.5 million in the second year, and $3.5 million in the third. In the fourth year, amount would rise to $5.25 million.
 
Maryland is one of two states that have both an inheritance tax and an estate tax. Supporters of modifying it say too many people are leaving the state in order to avoid paying the tax.
 
"What tax accountants are doing, what estate lawyers are doing, is telling people to leave the state of Maryland before you die," Miller said.
 
Maryland Republicans have criticized the Democrat-controlled General Assembly for years for approving a variety of tax increases proposed by Gov. Martin O'Malley's administration. They say the long list of tax, fee and toll increases are chasing businesses out of Maryland to other states and harming the business climate.
 
Another initiative would create a commission to review how that business climate is doing. The commission will focus on incentive programs and make recommendations to legislative leaders by the end of the year.
 
"It will have numerous members from the private sector on there, from the University System, as well as two members of the House and two members of the Senate," House Speaker Michael Busch, D-Anne Arundel, said.
 
A separate measure would create an investment fund to help boost the cybersecurity industry. A new investment fund would make investment of up to $100,000 in early-stage cybersecurity and privacy companies that develop products for both government and commercial markets. Private sector investors would receive tax credits for investing in the fund that would invest in new cyber companies in Maryland.
 
Another initiative would auction tax credits to the private sector to invest in higher education funding to try to attract top talent to Maryland's universities, which would seek private sector funds that would be accompanied by state matching funds to pay for endowed chairs in areas of science and technology.

 

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Driver Runs From Police During Traffic Stop in Crisfield

    Driver Runs From Police During Traffic Stop in Crisfield

    07/21/2017 13:02:00 -04:002017-07-21 17:02:00 GMT
    Friday, July 21 2017 2:11 PM EDT2017-07-21 18:11:55 GMT
    Keyon Honesty has approximately seven warrants out for his arrest, police said.Keyon Honesty has approximately seven warrants out for his arrest, police said.
    Maryland State Police are searching for a man who ran away from a trooper during a traffic stop.More
    Maryland State Police are searching for a man who ran away from a trooper during a traffic stop.More
  • Milford Woman Charged for Violating Court Order

    Milford Woman Charged for Violating Court Order

    07/21/2017 12:56:00 -04:002017-07-21 16:56:00 GMT
    Friday, July 21 2017 12:56 PM EDT2017-07-21 16:56:22 GMT
    Veronica L. Hurtt, 29 ; Photo Credit: Milford Police DepartmentVeronica L. Hurtt, 29 ; Photo Credit: Milford Police Department
    MILFORD, Del. -- The Milford Police Department are reporting an arrest of a Milford woman after violating a no contact order and shopliftingMore
    MILFORD, Del. -- The Milford Police Department are reporting an arrest of a Milford woman after violating a no contact order and shopliftingMore
  • Delaware & Choptank Electric Co-Ops Issue "Beat the Peak"

    Delaware & Choptank Electric Co-Ops Issue "Beat the Peak"

    Friday, July 21 2017 12:23 PM EDT2017-07-21 16:23:08 GMT
    Friday, July 21 2017 12:23 PM EDT2017-07-21 16:23:08 GMT
    DELMARVA--Due to the extremely warm temperatures and high demand, Delaware Electric Cooperative and Choptank Electric Cooperative have issued another "Beat the Peak" alert for Friday, July 21, between 5 p.m. and 5 p.m.More
    DELMARVA--Due to the extremely warm temperatures and high demand, Delaware Electric Cooperative and Choptank Electric Cooperative have issued another "Beat the Peak" alert for Friday, July 21, between 5 p.m. and 5 p.m.More
  • Most Popular StoriesMost Popular StoriesMore>>

  • Ocean City Prepares For "College Beach Weekend"

    Ocean City Prepares For "College Beach Weekend"

    Thursday, July 20 2017 9:15 PM EDT2017-07-21 01:15:39 GMT
    Thursday, July 20 2017 9:15 PM EDT2017-07-21 01:15:39 GMT
    Ocean City Prepares For "College Beach Weekend"Ocean City Prepares For "College Beach Weekend"
    The town of Ocean City prepares for "College Beach Weekend". The three day event starts today and according to the events organizer, the town is expected to see an influx of about 40,000 college students.More
    The town of Ocean City prepares for "College Beach Weekend". The three day event starts today and according to the events organizer, the town is expected to see an influx of about 40,000 college students.More
  • UPDATED: Lewes Man Arrested for Kidnapping and Assault

    Lewes Man Wanted for Alleged Assault, Kidnapping

    07/19/2017 17:17:00 -04:002017-07-19 21:17:00 GMT
    Friday, July 21 2017 12:05 AM EDT2017-07-21 04:05:03 GMT
    Delaware State Police are searching for Michael H. Debarr of Lewes.Delaware State Police are searching for Michael H. Debarr of Lewes.
    UPDATED: Delaware State Police found and arrested the Lewes man wanted for kidnapping and assault from earlier this week on Thursday.More
    UPDATED: Delaware State Police found and arrested the Lewes man wanted for kidnapping and assault from earlier this week on Thursday.More
  • People of Cambridge Remember H. Rap Brown

    People of Cambridge Remember H. Rap Brown

    Thursday, July 20 2017 6:39 PM EDT2017-07-20 22:39:06 GMT
    Thursday, July 20 2017 6:39 PM EDT2017-07-20 22:39:06 GMT
    "The streets are yours. Take 'em." Those were the words that came from H. Rap Brown - a 1960s civil rights activist.More
    "The streets are yours. Take 'em." Those were the words that came from H. Rap Brown - a 1960s civil rights activist.More
Powered by Frankly

All content © Copyright 2000 - 2017 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices