After the pomp and circumstance in Annapolis, Gov. Larry Hogan got into the weeds with his first budget proposal last week. There was much fretting around the state, as Hogan talked about the need to cut costs throughout his transition.
On Monday morning’s front page, however, The Baltimore Sun declared that the $40 billion proposal holds “good news for tech firms,” despite the many cost-cutting measures elsewhere.
Specifically, the Sun’s Scott Dance points out that the budget contains the following:
- $12 million toward a tax break for biotechnology companies (one-tenth less than in O’Malley’s last budget)
- $9 million for a research and development tax credit
- $9.4 million for stem cell research
- $1.5 million less in funding for a cybersecurity tax credit, cutting the break from $4 million to $2.5 million
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