In an effort to boost economic development and sustain existing businesses, Queen Anne’s County has made it easier for small businesses to qualify for property tax credits.
Queen Anne’s County Legislative Delegation has successfully amended the commercial property tax credit program to reduce the number of new full-time jobs to be created from twenty-five (25) to twelve (12). This amendment is pursuant to the tax credit ordinance adopted by the County Commissioners in February, 2013 which modeled the State’s requirements for job creation.
“The adoption of this legislation is just one of many steps we are taking to create ‘right sized’ business assistance programs to better meet the needs of companies in Queen Anne’s County,” said Faith Elliott-Rossing, Director of Economic Development. The average business in Queen Anne’s employs approximately fifteen (15) employees. In additional to the adoption of the commercial tax credit, the county will also be launching an Incentive Fund program in the next few months geared toward small businesses. The new program will complement the county’s existing Revolving Loan Fund program.
To be eligible for the property tax credit, a business must (1) make significant real property improvements in the county, which includes construction, reconstruction, rehabilitation or expansion of a non-residential structure; and (2) employ at least 12 new additional full-time employees. The tax credit is prorated against the county property tax imposed on the increased assessment over the course of five years, beginning with an 80% credit the first year. The bill takes effect June 1 and applies to all taxable years beginning after June 30, 2013.
To find out more about the commercial tax credit and other business resource programs, contact Jean Fabi, Business and Economic Development Liaison, at 410.758.1255.