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Maryland Commerce Designates QAC’s First Enterprise Zone
Zones help to revitalize communities, attract businesses and create jobs
BALTIMORE – The Maryland Department of Commerce has designated Queen Anne’s County as a new Enterprise Zone, a move that could bring new business investments and jobs to the county.
The new Queen Anne’s County 1,300-acre Enterprise Zone extends west from Nesbit Road in Grasonville to Rt. 8 in Stevensville and includes a majority of the commercial properties in Grasonville, Chester and Stevensville, including the various business parks. With this designation, the county will be able to promote job creation for local residents who currently commute out the county to work and better attract and retain businesses and help them expand. The county also hopes to increase the commercial tax base and redevelop under-utilized or vacant commercial and industrial land. This is the county’s first Enterprise Zone, and the effective date is January 1, 2017.
“The Enterprise Zone is a valuable incentive not only to attract new businesses, but also to help existing businesses to grow in a prime geographic location conducive for commercial infill and redevelopment opportunities,” said Jean Fabi, acting director of the Queen Anne’s County Department of Economic Development. “By providing state and local incentives, Queen Anne’s County is sending a clear message that it is open for business.”
Queen Anne’s County Commissioner Jack Wilson said, “Congratulations to Jean Fabi and everyone that helped to make this happen. This will be a great catalyst to help move forward economic development in the designated zone.”
Maryland Commerce Secretary Mike Gill said, “This program generates opportunities in every region of Maryland by helping to grow existing businesses, attracting new businesses and creating jobs.”
Businesses located in the state’s 29 Enterprise Zones have received roughly $32 million in property tax credits in FY 2017 based on more than $2.8 billion in capital investments made in FY 2016. Over the past five years, businesses in Maryland’s Enterprise Zones have made a total of $13.7 billion in capital investments.
Commerce approves the state’s Enterprise Zones, while local governments are responsible for their administration. Businesses operating within an Enterprise Zone may be eligible for a tax credit towards their state income tax filings based upon the number of new jobs created, and a tax credit on their local real property taxes based upon their overall capital investment into a property.
“I want to thank the Economic Development Commission and the County Commissioners for supporting of the creation of the Enterprise Zone and the tax credit program,” said Fabi. “Moving forward, this will be a valuable tool to boost investment in redevelopment and infill commercial projects, as well as creating employment opportunities for Queen Anne’s County residents.”
Fabi said the county’s website, QAC.org, will soon have a page devoted to Enterprise Zone material and it will include information about the Commercial Property Tax Credit and Income Tax Credit, as well as the application. “In addition, I will be personally reaching out to the current projects underway that would be eligible for the program.”
Jean Fabi may be reached at email@example.com or 410.758.1255 or on Facebook @Queen Anne’s County Economic Development.