Job Creation Tax Credits
Working with state and federal economic development partners, business owners on Maryland’s Coast have access to targeted incentive programs to start or expand in Worcester County. From farming and fishing to manufacturing, cybersecurity and the arts, these programs incentivize job creation, innovation and expansion.
Maryland provides a $3,000 tax credit per eligible job, and $5,000 if in a revitalization area, for businesses that create new jobs to encourage businesses expanding or relocating to Maryland. The credit earned by a qualified business entity may not exceed $1 million per credit year. The business must create 60 new, full-time jobs during a 24-month period. For a business that locates or expands in a Priority Funding Area, the minimum is 25 jobs. Outside of a Priority Funding Area, the requirement may be reduced to as few as 30 jobs if the aggregate annual salary for new employees exceeds $2.85 million for 2009. All positions must be filled for 12 months.
If the credit is more than the tax liability, the unused credit may be carried forward for 5 years following the credit year. The credit may be recaptured if the business experiences job losses. Find out more here