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Tax Credit

BUSINESS
By Gus G. Sentementes, The Baltimore Sun | May 25, 2010
Fourteen Maryland biotechnology companies tapped nearly $6 million in new funding from investors who qualified for a state tax credit. The Biotechnology Investment Incentive Tax Credit is a state-mandated program that allows for a 50 percent tax break, up to $250,000, per investor in a qualified biotech company. To qualify, companies must be less than 12 years old, have headquarters in Maryland, employ fewer than 50 people and be state-certified as a biotechnology company. The tax credit is a central component of Gov. Martin O'Malley's BioMaryland 2020 plan, a 10-year, $1.3 billion strategy for growing the state's biotech industry.
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NEWS
By Arthur Hirsch, The Baltimore Sun | April 19, 2010
Supporters of a state tax credit to help public and private schools say the defeated measure was poorly handled by a key legislative committee, but they say they'll continue the fight. With a letter of endorsement from Gov. Martin O'Malley and the decision of the Archdiocese of Baltimore to close 13 schools bringing new attention to the bill, backers had hoped the third attempt at passage in as many years would succeed. The legislation did get one step further than it has before in being voted upon for the first time by the House Ways and Means Committee, but that was little consolation to supporters.
NEWS
August 5, 2013
As a general rule, Baltimore City can't afford to give people bigger tax breaks than they deserve. The city is perennially strapped for cash, and as an analysis commissioned by Mayor Stephanie Rawlings-Blake shows, it will have to make significant cuts in spending during the next decade if it is to remain solvent. But the case of the 315 homeowners who have been getting bigger historic property tax credits than they qualified for merits an exception. The credit is meant to encourage people to buy and fix up historic properties, and it has been a particularly effective tool in revitalizing some Baltimore neighborhoods.
NEWS
By Scott Calvert | August 2, 2013
  Michael Plaisted said he wasn't pleased when he learned a few weeks ago that the annual property tax bill on his Ridgely's Delight condominium had jumped by hundreds of dollars. But he says he has become increasingly frustrated trying to get the City of Baltimore to tell him why the increase occurred. “All I want is an answer from the city saying this is the calculation we used and this is why your taxes doubled,” he said Friday. “I haven't gotten anything from the city.” By Friday, he said he had made three phone calls and sent one email to the city.
NEWS
By Scott Calvert | August 17, 2012
For weeks city and state officials have been on a scavenger hunt. Their goal: To track down documents, if they exist, showing that 76 property owners in Baltimore have been legitimately receiving hundreds of thousands of dollars in discounts on local property tax bills. The search began after the city office responsible for approving the historic property tax credit was unable to locate key records. Those records would prove that the properties' owners had received “final certification” needed to qualify for a 10-year tax break on historic rehabs.
BUSINESS
By Los Angeles Times | December 23, 2009
Sales of previously owned homes soared 7.4 percent in the traditionally slow month of November as buyers looked to take advantage of a tax credit for first-time purchases, an industry group said Tuesday. Sales of single-family houses, townhouses, condominiums and co-ops rose to a seasonally adjusted annual rate of 6.54 million units in November, the National Association of Realtors in Washington said. That is 44.1 percent above the 4.54 million sales pace of November 2008.
BUSINESS
By Jamie Smith Hopkins | jamie.smith.hopkins@baltsun.com | April 9, 2010
Home buyers in the Baltimore area picked up the pace last month as the spring selling season got under way -- and the deadline for an $8,000 tax credit loomed. As prices continued to fall, March home sales rose 17 percent from a year earlier in the metro area, Metropolitan Regional Information Systems said Friday. The company, which runs the multiple-listing service used by buyers and sellers, said new contracts signed in March -- deals that will likely turn into settled sales this month or next -- jumped almost 40 percent.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | August 13, 2010
A state audit released Friday found flaws with how the Maryland Department of Assessments and Taxation reviews forfeited out-of-state corporate charters and homestead tax credit applications. The department will revise its automated auditing computer programs to improve its tracking of out-of-state companies that do business in Maryland. About 500 corporations were not adequately pursued by the department and could potentially owe $220,900 in filing fees and penalties, the audit found.
BUSINESS
November 19, 2009
New-home construction fell sharply in October, underscoring the fragility of the fledgling housing recovery. Housing starts unexpectedly fell 10.6 percent to a seasonally adjusted 529,000 annual rate in October, compared with the prior month, the Commerce Department said Wednesday. That was a 30.7 percent drop from October 2008. Analysts were caught off guard by the news because many had expected an increase in new construction. Patrick Newport, U.S. economist for IHS Global Insight, called the plunge in housing starts a "shocker" in a note to clients.
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