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Maryland designates new enterprise zones

Three Maryland places were added to the state’s enterprise zones on Friday – the Woodlawn area in Baltimore County, Betteron and Worton in Kent County and Snow Hill in Worcester County.

Four other locations in Somerset County, Cecil County, Dorchester County, and another in Baltimore County received redesignations or expansions of existing zones.

When the Maryland Department of Commerce designates an area as an enterprise zone, businesses within it may be eligible for certain tax credits.

Locations needing economic development can benefit from the designation, as it helps existing businesses and draws new businesses to the area.

“This program is one of the most important incentives in our arsenal, and over its 40-year history, it has helped spur billions in private investment,” said Maryland Department of Commerce Secretary Kevin Anderson.

State and local governments together facilitate the EZ program. Businesses in an enterprise zone that create jobs “may be eligible for a tax credit towards their state income tax filings based upon the number of new jobs created.”

Source : The Center