Maryland Enterprise Zone Tax Credits (Maryland)
Last modified on February 12, 2015.
|Applies to States or Provinces||Maryland|
|Name||Maryland Enterprise Zone Tax Credits (Maryland)|
|Policy Category||Financial Incentive|
|Policy Type||Enterprise Zone|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Tidal Energy, Wave Energy, Wind energy|
|Program Administrator||Maryland Department of Business and Economic Development|
Businesses locating in a Maryland Enterprise Zone may be eligible for income tax and real property tax credits in return for job creation and investments. Businesses located in one of two focus areas are also be eligible for personal property tax credits. There are two forms of Enterprise Zone Tax Credits: (1) Ten-year credit against local real property taxes on a portion of real property improvements. The credit is 80% the first five years, and decreases 10% annually to 30 percent in the tenth and final year. (2) One-time income tax credits of $1,000 per new worker. For economically disadvantaged employees, the credit is $6,000 per employee over three years.
|Department||Maryland Department of Business and Economic Development|
|Address||401 E. Pratt Street|
Authorities (Please contact the if there are any file problems.)
|Authority 1:||COMAR 24.05.01|
|Authority 2:||Economic Development Article, 5-105 and 5-701 et seq., Annotated Code of Maryland|