This income tax credit would include $ 750 for families who claimed the earned income tax credit and $ 450 for individuals. No request is necessary and is in addition to the federal stimulus check.
“It is clear to all of us that the primary goal of the 2021 legislative session must be to provide additional immediate economic assistance to the hundreds of thousands of struggling families and tens of thousands of small businesses that have been affected by the pandemic. Hogan said to me.
– Mike Hellgren (@HellgrenWJZ) January 11, 2021
“This aid will go directly to over $ 400,000 in needy Maryland,” Hogan said. “These checks can begin to be issued immediately as soon as the RELIEF Legislative Act is passed by the legislature and I sign it into law.”
Payments will go to low to moderate income Marylanders, that is, families earning less than $ 57,000. The relief will be divided into two rounds, the first checks being issued when the Relief Act comes into force. The immediate check would be $ 500 for families, then $ 300 for individuals.
Marylanders would be eligible for these payments if they:
- Win $ 50,954 individually or $ 56,844 together with three or more children.
- Win $ 47,440 individually or $ 53,330 together with two children.
- Win $ 41,756 individually or $ 47,646 together with a child
- Earn $ 15,820 individually, or $ 21,710 collectively, with no kids.
These families would later receive an additional $ 250 or an additional $ 150 for individuals as a second payment.
2a. Here is more information about direct payments. pic.twitter.com/Q8GUTFKUBf
– Mike Ricci (@riccimike) January 11, 2021
As for the unemployed, the RELIEF Act would commit an additional $ 180 million in targeted tax relief for Marylanders who have lost their jobs by repealing all state and local income taxes on unemployment benefits.
The RELIEF Act also provides a commitment of $ 300 million to support small businesses with a sales tax credit giving each business up to $ 3,000 per month for four months (a total of $ 12,000).
This will help 55,000 small businesses in Maryland, the governor said.
The relief is automatic and based on the monthly income of the business and the amount of sales tax collected.
4b. Information on sales tax credits. pic.twitter.com/XaIWOMecBQ
– Mike Ricci (@riccimike) January 11, 2021
The RELIEF Act also extended unemployment tax relief for small businesses and ends any tax hikes in 2021. It also protects businesses from tax increases if they have obtained a loan or grant from the government. ‘State to help them during the pandemic.
The law will be introduced as emergency legislation, so that checks can go out immediately. The bill was funded from various sources, including residual surpluses from FY20 and budget actions taken by the Public Works Bureau.
Hogan is asking state lawmakers to vote quickly on this.
In a statement, Senate Speaker Bill Ferguson said, “We thank Governor Hogan for speaking with us over the past few months to incorporate our COVID recovery priorities into his proposal. General Assembly members spent the interim drafting legislation to fix a broken unemployment insurance system, protect essential workers, provide help for struggling small businesses and more resources for family members in retirement homes. This session, Democrats are focusing on getting families and small businesses back on their feet; get students back to school as soon as possible; and ensuring our seniors are safe so that 2021 becomes the year of rebuilding and recovery. We look forward to the governor working with us to achieve these goals and demonstrate to the country what the true value of two-party politics can be. ”
The new federal relief bill will also allocate nearly $ 15 billion to Marylanders, including $ 400 million for rent and utility bills, $ 1.2 billion for education, $ 130 million for child care and $ 250 million for transportation.
Hogan’s communications director Mike Ricci said the state has already provided more than $ 700 million in emergency economic aid.
Colin Tarbert, CEO of the Baltimore Development Corporation, said his group has facilitated hundreds of grants for small businesses. He said any help could make all the difference for family businesses struggling to pay for basic expenses.
“These are small, often family-owned businesses, so just like a person working for a paycheck, they work every day to generate the income they need to cover their business and personal expenses,” he said. -he declares. “Most small businesses don’t have a huge amount of cash to get them through.”
Watch the full press conference:
For the latest information on the coronavirus, see the Maryland Department of Health website or call 211. You can find all of WJZ’s coverage at coronavirus in Maryland here.