Caroline County Economic Development
CCED News

The Vantage: January 2019 Newsletter

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Property and Income Tax Relief in County Enterprise Zones 

The Enterprise Zone program provides real property and state income tax credits for businesses that make property improvements and/or create jobs. The Zone covered most commercial parcels in Ridgely, Greensboro, Goldsboro, and Federalsburg. The program is administered by Caroline County Economic Development in partnership with the Maryland Department of Commerce, State Department of Taxation and Assessment, and the Comptroller of Maryland.

REAL PROPERTY TAX CREDITS

  • Based on increase in assessed value due to improvements to the property
  • Applies to Town and County real property taxes
  • The property must be located on designated parcels in Ridgely, Greensboro, Goldsboro, or Federalsburg.

Timing is extremely important for the Enterprise Zone certification application.
The business entity that wants to take advantage of the real property tax credits must be certified by Caroline County Economic Development before making any changes to the property that would increase the assessed value because such changes could impact the “baseline” assessed value. The purpose of the certification is to determine whether a business, property, or developer is eligible for Maryland Enterprise Zone tax credits.  If determined to be eligible, you will receive a certification letter from the Caroline County Economic Development. Certifications are being accepted for the next eligible property tax year (beginning July 1, 2020) through December 31, 2019. (The certification deadline for tax year 2019 closed on December 31, 2018.)

INCOME TAX CREDIT

  • $1,000 per qualified employee
  • Qualified employee means: an employee hired after the business entity is certified, works at least 35 hours a week, earns at least $10.88 per hour (or 150% of federal minimum wage).
  • The business must be located on designated parcels in Ridgely, Greensboro, Goldsboro, or Federalsburg.

Get certification first
The purpose of the certification is to determine whether a business, property, or developer is eligible for Maryland Enterprise Zone tax credits.  If determined to be eligible, you will receive a certification letter from the Caroline County Economic Development. The business entity that wants to take advantage of the state income tax credits must be certified by Caroline County Economic Development before hiring a qualified employee. Certifications are being accepted for the next eligible income tax year through December 31, 2019. (The certification deadline for tax year 2018 closed on December 31, 2018.)

Reach out to Debbie, info@carolinebusiness.com, (410) 478-4188 for more information.

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Opportunity Zones

The Opportunity Zone program is a federal initiative from the U.S. Treasury. The program provides federal tax incentives for investment in distressed communities over the next 10 years. Areas in Denton and Federalsburg are designated as Opportunity Zones in which investors will be able to reap the benefits of capital gains through business and residential projects.

The Maryland Department of Housing and Community Development is helping to promote Opportunity Zones in the State. Click here for a fact sheet.

For more information on Opportunity Zones in Caroline County, please contact Debbie at info@carolinebusiness.com or 410-479-4188.

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Workforce Training Scholarships Available

Are you an employer who would like to encourage someone to add certain skills to their resume? If you have a program in mind, we would like to help you take that next step on the ladder of success.

The Mid-Shore Community Foundation is committed to helping members of our local workforce pursue post-secondary education or advance their careers. Thanks to the generosity of our donors, we have one of the largest scholarship programs in the region. We offer scholarships for high school graduates continuing their education at an eligible institute of technology, vocational school, trade school, or career college that awards academic degrees or professional certifications and for adults in the workforce who wish to develop or enhance their skills through accredited seminars, workshops, courses, customized trainings, etc.

The Mid-Shore Community Foundation administers a pooled scholarship program that allows local students to apply for multiple scholarships by completing one online application. Scholarships are awarded almost exclusively to students who demonstrate financial need.

THE APPLICATION PERIOD CLOSES AT MIDNIGHT ON FEBRUARY 14, 2019
TO APPLY FOR THESE SCHOLARSHIPS, VISIT WWW.MSCF.ORG, AND COMPLETE THE ONLINE APPLICATION

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