MD’s Project Restore Act Advances from Committee
The Maryland Senate Education, Health, and Environmental Affairs Committee unanimously advanced Governor Hogan’s legislation to codify the state’s Project Restore initiative (SB393).
Project Restore is a $25 million economic recovery initiative that offers rental and operational grants to help offset startup costs and incentivize commercial investment in vacant spaces. In total, more than 350 businesses across every jurisdiction in the state will benefit from this program. Awarded businesses include retail stories, breweries and restaurants, manufacturing locations, and office space.
The governor’s legislation would make the program permanent to help continue to drive more jobs and investment to small towns and Main Streets for years to come.
The governor’s economic proposals for the 2022 session include:
- Retirement Tax Elimination Act: Eliminating 100% of state retirement taxes in Maryland
- Working Marylanders Tax Relief Act: Making permanent the enhanced earned income tax credit in the RELIEF Act of 2021
- Corporations and Associations – Annual Reports – Fees for Electronic Filings: Eliminating the filing fees for businesses that submit their annual report online, including the $300 annual filing fee for companies, LLCs, and other legal entities, and $100 for family farms.
- More Jobs for Marylanders Act 3.0: Extending the successful More Jobs for Marylanders program through 2027
- Project Restore Act: Codifying and making permanent one of the state’s most successful COVID-19 economic recovery initiatives
