Small businesses could get up to $9,000 in tax relief under the terms of a bill signed yesterday by Gov. Larry Hogan (R).
The Recovery for the Economy, Livelihoods, Industries, Entrepreneurs, and Families (RELIEF) Act, introduced in last month, would provide sales tax credits of up to $3,000 per month for three months for a total of up to $9,000.
“Tax relief for small businesses will let them keep up to $9,000 in their pockets over the next 90 days so they can keep their doors open and keep more people on the payroll,” the governor said in a statement at the bill signing.
In addition, the bill would prevent any sudden or substantial increase in unemployment taxes for small businesses.
The bill also provides up to $750 for families and $450 for individuals who filed for the Earned Income Tax Credit (approximately 400,000 people in the state).