Caroline County Economic Development

One Maryland Tax Credit

The State of Maryland offers Caroline County businesses a state income tax credit for acquiring, constructing, rehabilitating, installing, equipping a facility, and for costs related to moving a business from outside Maryland and the costs to furnish and equip that new location.

One Maryland is for businesses engaged in an eligible activity: manufacturing or mining; transportation or communications; agriculture, forestry or fishing; public utility; research, development, or testing; biotechnology; business services; warehousing; filmmaking, resort and recreation; computer programming, data processing or other computer related services; central financial, real estate or insurance services; operation of central administrative offices or a company headquarters.

Maximum tax credit depends on the amount of jobs created:
Create 10-24 jobs – maximum $1 million tax credits
Create 25-49 jobs – maximum $2.5 million tax credits
Create at least 50 jobs – maximum $5 million tax credits

A few things to keep in mind:
At least $500,000 in capital expense.
Project must be in a Priority Funding Area
At a minimum, the business must create 10 new full-time jobs in 24 months.

For information: Maryland Department of Commerce One Maryland Tax Credit.

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