Business Incentive Zones are geographic designated areas in the county where federal, state and local governments offer assistance to encourage the expansion of existing businesses and attraction of new business activity and jobs. The designations include the Queen Anne’s County Enterprise Zone, the Job Creation Tax Credit Priority Funding Area (JCTC PFA), the Foreign Trade Zone, Arts and Entertainment District, and Sustainable Community. For more information, check out our Economic Development Viewer.
Queen Anne’s County Enterprise Zone: Real property and income tax credits are available to businesses located within the Enterprise Zone designation, which extends along US Route 50/301 corridor from Grasonville to Stevensville, and includes the Matapeake Professional Park and the Chesapeake Bay Business Park. Eligible projects receive a property tax credit over 10 years (80% the first 5 yrs., decreasing 10% each yr. thereafter). Eligible businesses creating new full time jobs can receive an income tax credit of $1,000 to up to $6,000 (over 3 yrs.).
Commercial Real Property Tax Credit: QAC businesses that invest $25,000 or more in real property improvements and create at least 12 new full-time jobs within 2 years receive a 4-year property tax credit against new property taxes generated by the project. The credit is 80% (Year 1), 60% (Year 2), 40% (Year 3) and 20% (Year 4). Job Creation Tax Credit PFA: Income tax credits are available for eligible businesses that create 10 or more new qualifying full-time jobs with of up to $5,000 per new job. This credit can be used with other tax credits. For more information visit: http://commerce.maryland.gov/fund/programs-for-businesses/job-creation-tax-credit.
Foreign Trade Zone No. 74: Secure areas under U.S. Customs and Border Protection (CBP) supervision that are generally considered outside CBP territory upon activation. Located in or near CBP ports of entry, they are the United States’ version of what are known internationally as free-trade zones.
Sustainable Community: These designations promote efficient use of scarce State resources based on local sustainability and revitalization strategies. The Sustainable Communities program consolidated geographically targeted resources for historic preservation, housing and economic development under a single designation. The designation places special emphasis on infrastructure improvements, multimodal transportation, and development that strengthens existing communities.