The state will expand zones in Baltimore City, Baltimore County and on the Eastern Shore where businesses are eligible for tax credits for making property improvements and hiring new workers.
Maryland will add 112 acres to the Enterprise Zone in the city and more than 500 acres to the Cambridge-Dorchester County zone. The state also approved a 395-acre zone around Woodlawn.
“The expansion of the zones in Baltimore and Cambridge-Dorchester County, and the addition of a new zone in Woodlawn will help spur redevelopment in commercial and industrial areas of our state so they can compete and win in the new economy,” Gov. Martin O’Malley said in a written statement.
Businesses located in the zones are eligible for $1,000 income tax credits for new workers and $6,000 over three years for hiring economically disadvantaged employees.
Property tax credits for capital improvements are 80 percent for the first five years then decrease to 30 percent by year 10.
1 comment:
An enterprize zone is a zone where excessive regulation taxation and burdensome government are suspended long enough for a business to thrive. Then when the business is up and running and keeping people employed, the government comes back and sucks the virtual life out of it.
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