Maryland names three new Enterprise Zones, renews four others
07/17/2023| Karen Glenn Hood
Maryland names three new Enterprise Zones, renews four others
07/17/2023 | Karen Glenn Hood
Seven new and redesignated Enterprise Zones have been approved by the Maryland Department of Commerce.
The new zones – located in Baltimore, Kent, and Worcester counties – allow businesses that create jobs and make capital investments in these specific designated areas to receive property and state income tax credits. These tax credits also apply to the redesignated zones, which include areas in Baltimore, Cecil, Dorchester, and Somerset counties.
Businesses located in the state’s 34 Enterprise Zones will receive $47 million in property tax credits based on more than $4.3 billion in investments made in FY23.
“This program has become one of the most important incentives in our arsenal, and over its 40-year history, it has helped spur billions in private investment,” said Maryland Commerce Kevin Anderson.
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