21 Jan One Maryland Economic Development Tax Credit
Program Name: One Maryland Economic Development Tax Credit
Resource Type: State
State: Maryland, Mid-Atlantic
Agency: Program Source: Tax Incentive
Description: Certain businesses that establish or expand a business facility in a priority funding area or as part of a project approved by the Board of Public Works, and that are located in a “distressed” Maryland county, may be entitled to a tax credit for costs related to the new or expanded facility. A “distressed” county has, for the most recent 24-month period, an average rate of unemployment that is 150 percent higher than the statewide average or an average per-capita personal income that is equal to or less than 67 percent of the statewide average, and includes a county (including Baltimore City) that no longer meets one of these requirements, but did so at some time during the preceding 12-months. The credit may be taken against corporate income tax, personal income tax or insurance premiums tax. The same credit may not, however, be applied to more than one tax type.
Website: http://business.marylandtaxes.com/taxinfo/taxcredit/onemd/default.asp