Get the POWER of PRO!
Support Center > Knowledge base> Article: One Maryland Economic Development Tax Credit

One Maryland Economic Development Tax Credit

Article ID: 34988 Email Print
One Maryland Economic Development Tax Credit


The One Maryland Tax Credit Program provides two income tax credits to businesses that initiate major investment projects in Maryland’s most economically distressed jurisdictions. The Project Tax Credit can be as much as $5 million and the Start-Up Tax Credit can be as much as $500,000.

Certain businesses that establish or expand a business facility in a priority funding area or as part of a project approved by the Board of Public Works, and that are located in a "distressed" Maryland county, may be entitled to a tax credit for costs related to the new or expanded facility. A “distressed” county has, for the most recent 24-month period, an average rate of unemployment that is 150% higher than the statewide average or an average per-capita personal income that is equal to or less than 67% of the statewide average, and includes a county (including Baltimore City) that no longer meets one of these requirements, but did so at some time during the preceding 12 months.

The credit may be taken against corporate income tax, personal income tax or insurance premiums tax. The same credit may not, however, be applied to more than one tax type.

Sole proprietorships, corporations, tax-exempt nonprofit organizations and pass-through entities, such as partnerships, subchapter S corporations, limited-liability companies and business trusts may claim the tax credit.

One Maryland Economic Development Tax Credit

related articles

Article Details
Views: 242 Created on: Jun 15, 2013
Date updated: Sep 28, 2015
Posted in: STATES, Maryland

Poor Outstanding