Franchot Pushes For State Income Tax Credit To Incentivize Donations To Ukraine
ANNAPOLIS, Md. (WJZ) -- Maryland Comptroller Peter Franchot on Thursday urged the state's General Assembly to pass emergency legislation to make a state income tax credit that would incentivize donations from residents and businesses to Ukraine.
In a letter to Maryland Senate President Bill Ferguson and House Speaker Adrienne Jones, Franchot the state is in a "sound fiscal position" to provide an income tax credit because of the state's historic $4.5 billion budget surplus.
Franchot said in the last week he has been contacted by numerous constituents who want to do their part to help Ukraine, a country in crisis after Russia began its invasion to take back the land.
"Providing this incentive – targeted specifically for our state's humanitarian efforts – would complement our state's commitment to complying with President Biden's economic sanctions against Russia and our own efforts to sever business relationships with Russian entities," Franchot said in the letter.
Maryland has already taken several measures to defy Russia since the country began its invasion, including cutting sister-state ties with Leningrad.
Franchot last week said he sent a letter to Maryland State Retirement Agency and Pension System Executive Director Martin Novan, urging him and other staff at the multibillion-dollar agency "to immediately divest from any and all investments" in Russian companies or holdings.
According to CBS News, more than 1 million people have fled the country and another million are thought to be internally displaced.
The U.N. human rights office told the outlet Thursday that 249 civilians had been killed and 553 more injured as of the previous evening. Ukrainian officials put the civilian death toll at over 2,000, including 21 children