Numerous DBED business site establishment incentive programs
potentially available to Chinese companies setting up physical
operations in Maryland
Division of Finance Programs
Including: Low interest loans
Loans that are convertible to grants and
Access to lower cost private capital
Job Creation Tax Credit
Income tax credit to businesses creating new jobs in Maryland
.
Standard Job Creation
Tax Credit is 2.5% of annual wages for all full-time, competitively
paid jobs-subject to limit of $1,000 per job
.
Businesses must create
60 jobs during a two-year period)
.
Enhanced Job Creation
Tax Credit (for businesses establishing operations within DBED
"priority funding areas") is 5% of annual wages for
all full-time, competitively paid jobs-subject to a limit of $1,500
per job Businesses must create 25 jobs during a two-year period.
Enterprise Zone Tax Credit
.
Ten-year real property
tax credits of 80% the first 5 years, decreasing 10% per year
thereafter
.
Automatic qualification
for Enhanced Job Creation Tax Credit of 5% of annual wages, not
to exceed $1,500 per job (refer to previous slide)
One Maryland Tax Credit
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
The credit for start-up costs is the lesser of 100 percent of
eligible start-up costs (up to $500,000), less any credits taken
in prior years, or $10,000 multiplied by the number of employees
that have filled the newly created, qualified positions.
The credit for project costs is the lesser of 100 percent of eligible
project costs (up to $5 million), less any credits taken in prior
years, or the state income tax liability for the tax year from
the project.
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