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Economic Benefits
Baltimore
City Enterprise
Zone
The project site is
located in a State-designated Enterprise Zone offering:
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Real property tax
credits: Ten-year credit against local real property
taxes on a portion of real property improvements or new
construction. Credit is 80 percent the first five years,
and decreases 10 percent annually thereafter to 30
percent in the tenth and last year.
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Income tax credits:
One- or three-year credit for wages paid to new
employees. The general credit is a one-time $1,000
credit per new worker. For economically disadvantaged
employees, the credit increases to a total of $6,000 per
worker distributed over three years. (Workforce
development programs such as the Biotechnology Institute
and Metrotech offer biotechnology training assistance
and funding to meet the needs of companies hiring
disadvantaged workers.) In addition, Baltimore City
Public Schools is opening a new Academy school for
biotechnology to provide a steady workforce population
to draw from.
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Enhanced Job Creation
Tax Credits: For businesses eligible for Maryland's Job
Creation Tax Credit Program (a separate program), the
tax credit rate is doubled from 2.5 percent to 5 percent
and the ceiling is increased from $1,000 to $1,500 per
new, qualified position. Minimum qualification is the
creation of 25 new permanent full time jobs
Baltimore City
offers a number of financing programs to
accommodate the needs of expanding or new
companies:
Companies
locating to Baltimore City receive priority
access to the State and local financing programs:
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One Maryland Tax
Credit: A qualified business entity may claim start-up
and project tax credits against State tax credits in an
amount equal to up to $500,000 of the eligible start up
costs and $5,000,000 of the eligible project costs in
Baltimore City. To be eligible, the company must create
at least 50 qualified positions. A qualified position
must be a net new position, pay at lease 150% of the
federal minimum wage and be full-time. The company has
up to 14 years after the year in which the project is
placed in service to take the credits
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State of Maryland
Sunny Day Fund: This fund promotes Maryland's
participation in extraordinary economic development
opportunities that provide significant returns to the
State through creating and retaining employment as well
as the creation of significant capital investments.
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Maryland companies
are exempt from paying business personal property taxes
on research and development (R&D) and Manufacturing
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