Maryland renews and expands Enterprise Zones

Enterprise Zone Tax Credits

Real property tax credits – Ten-year credit against local real property taxes on a portion of real property improvements. Credit is 80% the first five years, and decreases 10% annually to 30 percent in the tenth and final year.

• Income tax credits – the one-time $1,000 credit per new worker. For economically disadvantaged employees, the credit is $6,000 per employee over three years.

 

Focus Area Tax Credits

Businesses in Baltimore City or Prince George’s County enterprise zones may be eligible for the following tax credits:

• Real property tax credits – Ten-year, 80% credit against local real property taxes on a portion of real property improvements. (does not decline as it does with the standard benefit).
• Personal property tax credits – Ten-year, 80% credit against local personal property taxes on new investment in personal property within a focus area.
• Income tax credits – a one-time $1,500 credit per new employee. For economically disadvantaged employees, the credit is $9,000 per employee over three years.

Here are some links to additional info:

http://www.choosemaryland.org/businessresources/Documents/Enterprise%20Zones/enterprisezones061512.pdf

http://www.choosemaryland.org/businessresources/Documents/Writeable%20Forms/EZQAProperty2011.pdf

http://www.choosemaryland.org/businessresources/Documents/Writeable%20Forms/EZQAIncome2010.pdf