As politics and policies continue to change, it is more important than ever that Maryland manufacturers stay up to date on what is happening in the industry, take advantage of financial opportunities and keep an eye on new and existing tax credits.
Here are six resources Maryland manufacturers should know about:
1. The National Association of Manufacturers (NAM)
Though it is the largest manufacturing association in the United States, Maryland manufacturers may be interested in the free national manufacturing data NAM produces on a regular basis. NAM puts out resources like:
- A quarterly Manufacturers’ Outlook Survey, which reports projections based on manufacturers responses to questions on expected company outlook, sales numbers, exports and more
- Monday Economic Report, a weekly economic overview for manufacturers
2. The Regional Manufacturing Institute (RMI)
This Maryland-based nonprofit focuses on representing the interests of manufacturers across the state by providing programs, services and advocacy for manufacturers. RMI hosts a number of events throughout the year, including seminars, networking and honorary events, like the Champions of Maryland Manufacturing, for Maryland’s top manufacturers.
3. Maryland Manufacturing Extension Partnership (Maryland MEP)
A long-time partner of RMI, Maryland MEP is focused on providing high quality solutions and programs to improve Maryland manufacturing operations, spark innovation and increase growth. Through training and events, the group is committed to making Maryland a leader in manufacturing.
4. Maryland Economic Adjustment Fund (MEAF)
As a state sponsored fund, MEAF helps small manufacturers:
- Upgrade manufacturing operations
- Develop commercial applications for technology
- Enter into or compete in new economic markets
To be eligible for the funds, manufacturers must demonstrate credit worthiness, financial viability to repay the fund and an inability to qualify for financing through other lending channels.
5. Maryland Business Tax Credits
Maryland manufacturers may be eligible for state tax credits. The Comptroller of Maryland keeps a running list of current credits available, including details on eligibility requirements. In particular, the Maryland Commuter Tax Credit and Job Creation Tax Credit are good credits for Maryland manufacturers to keep in mind.
6. Gross Mendelsohn's Blog
Instead of spending time checking multiple websites and news outlets for accounting, business and tax updates, subscribe to our blog and get content delivered straight to your inbox. Blog topics include inventory best practices, new regulations that may affect your business, accounting and tax issues specific to manufacturers, fraud prevention and more.
Need Help?
If you have any questions on your manufacturing business, contact us online or call 800.899.4623.
