The Washington County Department of Business Development today announced that the Maryland Department of Commerce approved the County’s application to expand the Hagerstown/Washington County, MD Enterprise Zone.
The Enterprise Zone program helps incentivize businesses to locate or expand into several low-income or underserved urban and rural communities across Maryland. This in turn creates jobs, contributes to enhancing quality of life, and expands the local tax base – enabling counties to better provide core services for their residents.
The program brings together state and local resources to encourage economic growth and create jobs. Businesses located within these areas are eligible for local property tax credits and state income tax credits. The State Department of Assessments and Taxation reimburses local governments for 50% of foregone property tax revenues.
According to a County press release:
The newly approved Hagerstown/Washington County, MD Enterprise Zone encompasses Census Tract 10.01 which includes parcels on Sweeney Drive as well as the property on Oak Ridge Drive formally known as the Review and Herald. This new approval adds 328.85 acres to the economic development zone now creating a total land area of 4,409.82 acres across Washington County, MD and Hagerstown, MD.