Calvert County officials are considering a number of tax incentives for businesses that create jobs in the county. The incentives, offered by the county economic development office, include an expansion of existing programs and tax credits.
An article in the Calvert Reporter describes the proposals.
The county already has an incentive fund that requires businesses to create 25 new jobs in the county’s target market industries, have a capital investment of $1 million and remain in the county for five years. The suggested change is to lower the job creation threshold to 10 new jobs.
Another option to be pursued is a change in the real property tax credit. Like the incentive fund, the credit can only apply to businesses that create 25 or more jobs in the target market industries. The businesses must invest at least $2.5 million, compensate greater than the annual average salary in Calvert County for similar or equivalent positions in the industry and have authority to provide up to 50 percent for 15 years.
The recommended changes to this incentive, subject to General Assembly approval, would be to decrease the job creation threshold from 25 to 10 and expand access, allowing the target market industries to qualify for a tax credit of up to 50 percent and non-target market industries to qualify for a tax credit of up to 25 percent.
Two new tax credits are also being proposed.
A new proposed incentive would be a five-year 50 percent tax credit to correct blighted commercial property through demolition, construction or rehabilitation in the Town Center, Industrial, Marine Commercial or Rural Commercial zones.
Another new incentive would be a local job creation tax credit of up to $20,000 for target market industries ($1,000 per job) and up to $10,000 for non-target market industries ($500 per job) for at least 10 new jobs and remaining in the county for five years.
Calvert County Commissioners have agreed to pursue all options, which would need General Assembly approval prior to being enacted.