Governor Wes Moore announced that the Maryland Department of Commerce approved three new Enterprise Zones – Woodlawn in Baltimore County, the towns of Betterton and Worton in Kent County, and the town of Snow Hill in Worcester County.
The department also approved redesigning and expanding an existing zone in the town of Princess Anne in Somerset County and existing zones in Baltimore County’s Southwest area, Cecil County, and the City of Cambridge in Dorchester County.
A joint effort between state and local governments, the Enterprise Zone program provides tax incentives for businesses that create jobs and make capital investments. Businesses located within these areas are eligible for local property tax credits and state income tax credits based on their overall capital investment into a property.
Businesses 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 fiscal 2023. The State Department of Assessments and Taxation reimburses local governments for 50 percent of foregone property tax revenues.
“Maryland’s Enterprise Zone program has a tremendous impact on communities throughout our state, serving as a catalyst for growth and revitalization in areas that need it the most,” said Governor Moore. “We are pleased to designate three new zones, which will be an important tool to attract new investment, encourage businesses to expand, and create new jobs.”
The cornerstone of sustainable economic development rests on a community’s ability to create and grow new businesses and employment opportunities. Along with balanced business incentive programs, tourism can be an engine for economic growth.
At the 2023 MACo Summer Conference session, “Transformational Tourism – Turning Today‘s Opportunities Into Tomorrow‘s Necessities,” experts will discuss new trends in the tourism industry, exciting opportunities, and how to leverage today‘s tourism trends to support the local economy.
The 2023 MACo Summer Conference is August 16-19, 2023, at the Roland Powell Convention Center in Ocean City, Maryland.
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- Questions? Contact Virginia White