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Small Business Relief Tax Credit

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Description

Small Business Relief Tax CreditThe Small Business Relief Tax Credit is a refundable tax credit available to small businesses that provide their employees with paid sick and safe leave.BENEFITSSmall businesses may claim a refundable tax credit for the accrued paid sick and safe leave for each employee earning paid sick and safe leave up to $500 per employee, or $7,000 per small business.ELIGIBILITYTo qualify for the tax credit, a small business must employ 14 or fewer employees whose primary work location is in Maryland, and provide its employees with paid sick and safe leave in accordance with the Maryland Healthy Working Families Act. Under the Maryland Healthy Working Families Act, employees earn 1 hour of paid sick and safe leave for every 30 hours worked, and sick and safe leave is paid at the same rate as an employee's normal hourly wages.

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Tax Credit

Resource Providers:

Governmental

As the state's primary economic development agency, we stimulate private investment and create jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. Commerce also promotes the state's many commercial advantages and its outstanding quality of life to spur economic development, international investment, trade and tourism.

Maryland Department of Commerce

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Resource Details
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For Small Businesses

Small Business Relief Tax CreditThe Small Business Relief Tax Credit is a refundable tax credit available to small businesses that provide their employees with paid sick and safe leave.BENEFITSSma…

Earliest Stage Served:
Established
Latest Stage Served:
Growth
All Stages Served:
Established, Growth, Mature
Industries Served: