To help retain and grow families living in Baltimore City, Baltimore officials plan to offer tax credits of up to $5,000 for homeowners who currently live and purchase new homes within the City. The program, called the Resident Retention Tax Credit, was pushed by Delegate Maggie McIntosh during the 2014 General Assembly session. The Senate version of the bill was sponsored by Senator Bill Ferguson.
As reported by the Baltimore Sun:
The Resident Retention Tax Credits – which will be introduced before the City Council Monday – are intended to help residents who lose their Homestead tax credits when they switch homes.
“This has the potential to be a very effective tool in retaining families and contributing to my goal of growing Baltimore by 10,000 families over the next decade,” Mayor Stephanie Rawlings-Blake said in a statement.