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Maryland governor announces COVID-19 stimulus, tax relief package

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AdvertisementGovernor says direct stimulus payments would go to low-to-moderate income Marylanders: $750 for families, $450 for individualsHogan introduces $1B COVID-19 stimulus, tax relief packageGovernor says direct stimulus payments would go to low-to-moderate income Marylanders: $750 for families, $450 for individualsHide TranscriptShow TranscriptTO TAKE IT UP AND PASS IT IMMEDIATELY. &gt;&gt; THE PRIMARY FOCUS OF THE 2021 LEGISLATIVE SESSION MUST BE PROVIDING ADDITIONAL IMMEDIATE ECONOMIC RELIEF TO THE HUNDREDS OF THOUSANDS OF STRUGGLING FAMILIES AND THE TENS OF THOUSANDS OF SMALL BUSINESSES THAT HAVE BEEN IMPACTED BY THE PANDEMIC. KATE: GOVERNOR LARRY HOGAN SAYS HIS NEW COVID-19 ECONOMIC RELIEF PLAN WILL BRING MORE THAN $1 BILLION IN IMMEDIATE ASSISTANCE TO STRUGGLING FAMILIES AND BUSINESSES IN THIS STATE. THE STIMULUS AND TAX CUT PACKAGE INCLUDES $267 MILLION FOR MARYLANDERS IN NEED. DIRECT PAYMENTS TO THOSE WHO CLAIM THEY EARNED TAX CREDIT. $750 CHECKS FOR FAMILIES, $450 CHECKS FOR INDIVIDUALS. $180 MILLION IN TAX RELIEF FOR PEOPLE WHO HAVE BEEN LAID OFF. THE MEASURE REPEALS ALLSTATE AND LOCAL INCOME TAXES ON UNEMPLOYMENT BENEFITS. IT ALSO CALLS FOR $300 MILLION IN TAX CREDITS FOR A FOUR MONTH PERIOD. &gt;&gt; WHICH WILL KEEP MUCH-NEEDED CASH IN THE COFFERS OF THOSE SMALL BUSINESSES, WHICH ENABLES THEM TO KEEP THEIR DOORS OPEN AND TO KEEP MORE PEOPLE ON THE PAYROLL. KATE: THE MONEY TO PAY FOR IT, GOVERNOR HOGAN TOLD REPORTERS, COMES FROM A VARIETY OF SOURCES. INCLUDING PREVIOUS BUDGET ACTIONS, OUR RESERVE FUND, AND THE RAINY DAY FUND. AND HE CALLED ON THE STATE LEGISLATURE TO TAKE IT UP IMMEDIATELY. &gt;&gt; SO THAT I CAN SIGN IT INTO LAW, IMMEDIATELY, AND THAT THESE MEASURES CAN TAKE EFFECT AND WE CAN IMMEDIATELY GET THESE MUCH NEEDED DOLLARS OUT THE DOOR AND INTO THE POCKETS OF THOSE WHO DESPERATELY NEED IT. KATE: PUSHBACK WAS SWIFT. IT INCLUDED A STATEMENT FROM THE MARYLAND COMPTROLLER AND DEMOCRATIC GUBERNATORIAL CANDIDATE PETER FRANCHOT. MR. FRANCHOT CALLED THE GOVERNOR OUT FOR QUOTE, PASSING THE BUCK TO THE LEGISLATURE. THEN HE CALLED ON THE GOVERNOR TO QUOTE, AUTHORIZE $2000 DIRECT CASH PAYMENTS TO THOSE IN CRISIS RIGHT NOW. THE GOVERNOR SAYS HE CAN’T DO THAdvertisementHogan introduces $1B COVID-19 stimulus, tax relief packageGovernor says direct stimulus payments would go to low-to-moderate income Marylanders: $750 for families, $450 for individualsMaryland Gov. Larry Hogan on Monday announced an emergency $1 billion COVID-19 stimulus and tax relief package to be introduced in the upcoming legislative session.|| Coronavirus updates | Maryland's latest numbers | Where to get tested ||Hogan said the legislative package will provide immediate targeted tax cuts for working families, small businesses and those who have lost their jobs as a result of the pandemic."The primary focus of the 2021 legislative session must be providing additional, immediate economic relief to hundreds of thousands of struggling families and tens of thousands of small businesses that have been impacted by the pandemic," Hogan said.Hogan said his new COVID-19 economic relief plan will bring more than $1 billion in immediate assistance to struggling families and businesses in Maryland."Amid so much suffering, the last thing we should ever do is raise taxes," Hogan said. "So today, I am announcing our top legislative priority, the Recovery for the Economy, Livelihoods, Industries, Entrepreneurs and Families, or the RELIEF Act of 2021, which will provide $1 billion in immediate, targeted financial relief and tax cuts for Maryland's working families, small businesses, and those who have lost their jobs and are suffering financially as a result of the COVID-19 pandemic."Summary of the RELIEF Act (governor's office)Pushback was swift, including from Maryland Comptroller Peter Franchot, who is also a Democratic gubernatorial candidate in 2022. Franchot released a statement calling Hogan out for "passing the buck to the Legislature."Franchot called on the governor to "authorize $2,000 direct cash payments to those in crisis right now."The governor said he can't do that while Franchot claims he can.Here's what the governor announced Monday as part of the RELIEF Act:STIMULUS: The governor said the RELIEF Act would provide $267 million for stimulus payments for about 400,000 Maryland families in need. If the act passes, the direct stimulus payments will be for low-to-moderate income Marylanders -- totaling $750 for families and $450 for individuals tied to the Earned Income Tax Credit.The governor's office said this relief begins with immediate payments of $500 for families and $300 for individuals who filed for the Earned Income Tax Credit, followed by a second-round stimulus for EITC filers that would provide an additional $250 for eligible families and $150 for individuals.According to the governor's office, Marylanders would qualify for these payments who annually earn: $50,954 ($56,844 married filing jointly) with three or more qualifying children$47,440 ($53,330 married filing jointly) with two qualifying children$41,756 ($47,646 married filing jointly) with one qualifying child$15,820 ($21,710 married filing jointly) with no qualifying childrenTAX RELIEF: The governor said the package includes $180 million in tax relief for Marylanders who have been laid off, which means they would not be taxed on their unemployment benefits.For small businesses, the governor said the RELIEF Act repeals state and local income taxes on unemployment benefits. Hogan said the package also makes a $300 million commitment to supporting small businesses with sales tax credits of up to $3,000 per month for four months, for a total of up to $12,000. Hogan said this relief will directly help more than 55,000 Maryland small businesses."(This) will keep much-needed cash in the coffers of those small businesses, which enables them to keep their doors open and to keep more people on the payroll," Hogan said.Hogan said this relief is automatic and based on a sliding scale up to $3,000. For example, a business with $100,000 in monthly revenue that collect $6,000 in sales taxes would remit $3,000. Businesses with $50,000 in revenue that collect $3,000 in sales taxes would keep it all, according to the governor's office.UNEMPLOYMENT TAX RELIEF FOR SMALL BUSINESSES: Hogan said the RELIEF Act extends unemployment tax relief for small businesses, staving off sudden and substantial tax hikes in 2021. This provision codifies an emergency order the governor issued last month.Hogan said the RELIEF Act safeguards Maryland businesses against any tax increase triggered by the use of state loan or grant funds.Watch the governor's news conference in its entirety:EMERGENCY LEGISLATION: The RELIEF Act will be introduced as emergency legislation, so that it can take immediate effect upon enactment, and checks can begin to go out immediately."I cannot imagine anything that would be more important for the Legislature to pass," Hogan said. "Every day that goes by without passing this stimulus and tax relief package means more jobs that will be lost, more families who will lose their homes and more businesses that will go out of business and more people will suffer."FUNDING: Hogan said the money to fund the RELIEF Act will come from a variety of sources that includes a leftover surplus from fiscal year 2020, budget actions taken earlier in the year by the Board of Public Works, the state's reserve fund is doing better than anticipated, and about $100 million is coming from the Rainy Day Fund to pay for unemployment.According to the governor's office, the state has provided more than $700 million in emergency economic relief to date.Last month, the governor said, "We will also be proposing a larger economic and stimulus relief package, which will provide further support for our struggling families and small businesses." Hogan announced in December new measures from the state to provide businesses COVID-19 relief funding.The governor's update Monday comes as the state adds 3,012 new coronavirus cases, marking the fourth straight day of more than 3,000 new cases reported in a single day. There are a total of 309,686 cases and 6,129 deaths, including a fifth death of a youth between the ages of 10 and 19.The state on Monday also set a new hospitalization record at 1,957 people in the hospital.Maryland Gov. Larry Hogan on Monday announced an emergency $1 billion COVID-19 stimulus and tax relief package to be introduced in the upcoming legislative session.|| | | ||AdvertisementHogan said the legislative package will provide immediate targeted tax cuts for working families, small businesses and those who have lost their jobs as a result of the pandemic."The primary focus of the 2021 legislative session must be providing additional, immediate economic relief to hundreds of thousands of struggling families and tens of thousands of small businesses that have been impacted by the pandemic," Hogan said.Hogan said his new COVID-19 economic relief plan will bring more than $1 billion in immediate assistance to struggling families and businesses in Maryland."Amid so much suffering, the last thing we should ever do is raise taxes," Hogan said. "So today, I am announcing our top legislative priority, the Recovery for the Economy, Livelihoods, Industries, Entrepreneurs and Families, or the , which will provide $1 billion in immediate, targeted financial relief and tax cuts for Maryland's working families, small businesses, and those who have lost their jobs and are suffering financially as a result of the COVID-19 pandemic."Pushback was swift, including from Maryland Comptroller Peter Franchot, who is also a Democratic gubernatorial candidate in 2022. Franchot released a statement calling Hogan out for "passing the buck to the Legislature."Franchot called on the governor to "authorize $2,000 direct cash payments to those in crisis right now."The governor said he can't do that while Franchot claims he can.Here's what the governor announced Monday as part of the RELIEF Act:STIMULUS: The governor said the RELIEF Act would provide $267 million for stimulus payments for about 400,000 Maryland families in need. If the act passes, the direct stimulus payments will be for low-to-moderate income Marylanders -- totaling $750 for families and $450 for individuals tied to the .The governor's office said this relief begins with immediate payments of $500 for families and $300 for individuals who filed for the Earned Income Tax Credit, followed by a second-round stimulus for EITC filers that would provide an additional $250 for eligible families and $150 for individuals.According to the governor's office, Marylanders would qualify for these payments who annually earn: TAX RELIEF: The governor said the package includes $180 million in tax relief for Marylanders who have been laid off, which means they would not be taxed on their unemployment benefits.For small businesses, the governor said the RELIEF Act repeals state and local income taxes on unemployment benefits. Hogan said the package also makes a $300 million commitment to supporting small businesses with sales tax credits of up to $3,000 per month for four months, for a total of up to $12,000. Hogan said this relief will directly help more than 55,000 Maryland small businesses."(This) will keep much-needed cash in the coffers of those small businesses, which enables them to keep their doors open and to keep more people on the payroll," Hogan said.Hogan said this relief is automatic and based on a sliding scale up to $3,000. For example, a business with $100,000 in monthly revenue that collect $6,000 in sales taxes would remit $3,000. Businesses with $50,000 in revenue that collect $3,000 in sales taxes would keep it all, according to the governor's office.UNEMPLOYMENT TAX RELIEF FOR SMALL BUSINESSES: Hogan said the RELIEF Act extends unemployment tax relief for small businesses, staving off sudden and substantial tax hikes in 2021. This provision codifies an .Hogan said the RELIEF Act safeguards Maryland businesses against any tax increase triggered by the use of state loan or grant funds.Watch the governor's news conference in its entirety:EMERGENCY LEGISLATION: The RELIEF Act will be introduced as emergency legislation, so that it can take immediate effect upon enactment, and checks can begin to go out immediately."I cannot imagine anything that would be more important for the Legislature to pass," Hogan said. "Every day that goes by without passing this stimulus and tax relief package means more jobs that will be lost, more families who will lose their homes and more businesses that will go out of business and more people will suffer."FUNDING: Hogan said the money to fund the RELIEF Act will come from a variety of sources that includes a leftover surplus from fiscal year 2020, budget actions taken earlier in the year by the Board of Public Works, the state's reserve fund is doing better than anticipated, and about $100 million is coming from the Rainy Day Fund to pay for unemployment.According to the governor's office, the state has provided more than $700 million in emergency economic relief to date., the governor said, "We will also be proposing a larger economic and stimulus relief package, which will provide further support for our struggling families and small businesses." new measures from the state to provide businesses COVID-19 relief funding.The governor's update Monday comes as the state adds 3,012 new coronavirus cases, marking the fourth straight day of more than 3,000 new cases reported in a single day. There are a total of 309,686 cases and 6,129 deaths, including a fifth death of a youth between the ages of 10 and 19.The state on Monday also set a new hospitalization record at 1,957 people in the hospital.Loading more articles...

AdvertisementGovernor says direct stimulus payments would go to low-to-moderate income Marylanders: $750 for families, $450 for individualsHogan introduces $1B COVID-19 stimulus, tax relief packageGovernor says direct stimulus payments would go to low-to-moderate income Marylanders: $750 for families, $450 for individualsHide TranscriptShow TranscriptTO TAKE IT UP AND PASS IT IMMEDIATELY. &gt;&gt; THE PRIMARY FOCUS OF THE 2021 LEGISLATIVE SESSION MUST BE PROVIDING ADDITIONAL IMMEDIATE ECONOMIC RELIEF TO THE HUNDREDS OF THOUSANDS OF STRUGGLING FAMILIES AND THE TENS OF THOUSANDS OF SMALL...

Maryland governor announces COVID-19 stimulus, tax relief package

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