Zones help to revitalize communities, attract businesses and create jobs
BALTIMORE, MD (December 22, 2015) – The Maryland Department of Commerce has designated two Enterprise Zones this month, one on the Eastern Shore and another in Western Maryland. The program provides real property and state income tax credits for businesses located in an enterprise zone in return for job creation and investments. The designated Zones encompass 129 acres straddling the City of Fruitland in Wicomico County, and about 1,870 acres in Washington County and the Town of Hancock.
“Economic development is a team sport, so we were happy to work with our partners in Washington and Wicomico counties as well as officials in Fruitland and Hancock to designate these zones,” said Commerce Secretary Mike Gill. “Commerce, working hand in hand with our local partners, is laser focused on supporting job creation and creating opportunity for residents all across the State.”
Last year, businesses located in the State’s 28 Enterprise Zones received more than $17 million in property tax credits, which have contributed to $2.7 billion in capital investment in Maryland businesses in last year alone, and $13.7 billion over the past 5 years.
“Having our entire town designated as an Enterprise Zone is a powerful incentive for us to use as we court various businesses and industries into Hancock,” said Dan Murphy, Mayor of Hancock. “We have a history of using this tool to make our community more attractive for potential investors. In these times of economic stress and challenge, any advantage we can acquire and present makes us more competitive.”
“This Enterprise Zone is another tool in our toolbox as we continue building relationships and engaging businesses looking to expand or relocate,” said Kassie Lewis, Director of the Washington County Department of Business Development. “While incentives do not always make or break a deal, having flexibility to tailor options at the local level allows businesses and municipalities to craft a plan focused on growing economic development opportunities for all parties.”
“The City of Fruitland has experienced significant growth within the past 10 years and our local economy has performed very well in spite of the overall economic downturn experienced by many jurisdictions,” said John Psota, City of Fruitland City Manager. “Therefore, we are very pleased that the Maryland Department of Commerce has again provided us this very important economic development tool. It is our expectation that Fruitland’s enterprise zone designation is certain to keep the momentum going in our local region.”
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.
About Maryland Commerce:
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit
commerce.maryland.gov.
