Baltimore-based developer St. John Properties Inc. will give each of its 180 employees a one-time cash bonus of $1,500 in response to the Republican tax overhaul passed in December.
The company said Monday it made the decision after reviewing expected advantages of the Tax Cuts and Jobs Act of 2017, which slashes the corporate tax rate and reduces taxes for individuals until 2026.
“We are optimistic about the long-term benefits of this legislation and its positive economic impact on our company and employees,” Lawrence Maykrantz, president of St. John Properties, said in an announcement.
The company owns and has developed more than 18.5 million square feet of office, retail, warehouse and flex space in Maryland, Colorado, Louisiana, Nevada, Pennsylvania, Virginia, Utah and Wisconsin. It was founded in 1971.
Most St. John employees are in Maryland, but some work in states where the company owns property.
The Maryland Public Service commission on Tuesday accepted the utility company’s proposal to lower average monthly rates by an estimated $2.91 for electric customers and $5.41 for natural gas and electric customers.