An Enterprise Zone is an area of a county, city, or town in which state and local incentives and assistance are offered to encourage the expansion of existing businesses and the attraction of new business activity and jobs. Prince George’s County’s Enterprise Zone encompasses approximately 8,492 acres of property.
Prince George’s County’s Enterprise Zone Program is administered by the Prince George’s County EDC. Special state and local incentives are offered to encourage economic growth within the Enterprise Zone, including:
Private sector investment for new development projects.
Renovation and rehabilitation of existing commercial facilities.
New business locations.
Existing business expansions.
New job creation.
Enterprise Zone Benefits
Real property tax credits: 10-year credit against against local real property taxes on the value of a portion of real property improvements. The credit is 80 percent for the first five years and decreases 10 percent annually thereafter to 30 percent in the tenth and final year.
Income tax credits: One- or three-year credit for wages paid to eligible new employees. The general credit is 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.
Focus Area Benefits
In the Enterprise Zone Focus Areas, where economic distress is greater, an enhanced incentive package is available to stimulate economic development activity:
Real property tax credits: 10-year, 80 percent credit against local real property against local real property taxes on the value of a portion of real property improvements. (Credit does not decline in focus areas as it does with the standard benefit.)
Personal property tax credits: 10-year, 80 percent credit against local personal property taxes on new investment in personal property within a focus area (Personal property tax credits are only available in focus areas.)
Income tax credits: One or three year credit for wages paid to new employees. The general credit is a one-time $1,500 credit for each new qualified position. For economically disadvantaged employees, the credit increases to a total of $9,000 per worker distributed over three years.
For more, information about the Enterprise Zone Program, please contact Ebony Stocks: