The Maryland Department of Commerce approved the redesignation and expansion of Baltimore City’s Enterprise Zone and expanded the Enterprise Zone in Cecil County.
The Enterprise Zone program helps incentivize businesses to locate or expand into several low-income or underserved urban and rural communities across Maryland, creating jobs and expanding – 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 based upon their overall capital investment into a property. The State Department of Assessments and Taxation reimburses local governments for 50 percent of foregone property tax revenues.
“The Enterprise Zone program is one of the best tools we have in spurring job growth and investment in underutilized areas,” said BDC President & CEO Colin Tarbert. “We were pleased to work with the Mayor, City Council, and Maryland Department of Commerce to redesignate the Enterprise Zone in Baltimore City by adding areas in need of investment and removing areas, like Harbor East, that have successfully utilized the program to transform into vibrant economic engines for the city and state.”
The expansion of Cecil County’s zone is critical to the County’s continued push to attract the manufacturing and other important industry sectors and ensure residents have job opportunities closer to home. The zone, which will now encompass 8,140 acres, will include several parcels of land owned by Northrop Grumman, enabling the company to continue its expansion plans.
“We are extremely pleased to facilitate Northrop Grumman’s continued investment in Cecil County through expansion of the existing Enterprise Zone designation,” said Sandra Edwards, Acting Director of Cecil County’s Office of Economic Development. “As a result of our collective efforts, more than 200 highly skilled positions will be added to support the new $110 million-dollar Hypersonics Center of Excellence.”
According to the Maryland Department of Commerce:
“Maryland’s Enterprise Zone program has truly helped transform many areas of our state, helping to attract new investments and jobs in places that need it the most,” said Maryland Commerce Secretary Mike Gill. “We are pleased today to announce the redesignation of Baltimore City’s Enterprise Zone, as well as the expansion of the zone in Cecil County, which gives our local partners an important tool to continue to stimulate growth and revitalization.”
Businesses located in the state’s 34 Enterprise Zones will receive $46.2 million in property tax credits in FY 2021 based on more than $3.7 billion in investments made in FY 2021.
The cornerstone of sustainable economic development rests on a community’s ability to create and grow new businesses and employment opportunities. MACo’s Summer Conference Keynote Speaker, Jason Broadwater, will lay out a model of outcomes-based government policy designed to ensure that the people (and their businesses) thrive in counties across the state.
The 2022 MACo Summer Conference will take place at the Roland Powell Convention Center in Ocean City, MD, from August 17-22. This year’s theme is “Taking Care of Business.”
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