Tucked into the last Chestertown Town Council meeting a week ago was an interesting discussion of a new enterprise zone to be established within town limits starting in 2016.
Jamie Williams, representing Kent County’s economic development office, highlighted the advantages of the new zone for Chestertown and the way in which the State of Maryland works with towns to provide generous aid packages for new businesses to invest in rural communities.
This video is approximately five minutes in length
Matthew Weir says
Editor, Any chance you can provide a link to additional information regarding this program?
Jamie Williams says
The benefits of an Enterprise Zone are Real Property Tax Credits on improvements and Income Tax Credits. The Real Property Tax Credits are the driving force of the designation, Income Tax Credits are available, but rarely realized or claimed. Enterprise Zones have been around for awhile in Maryland and some Counties have been very successful in marketing them to drive growth to designated areas.
I would replace all except the first sentence in this piece so there are no misunderstandings. There are no reduced regulations or generous aid packages and being a rural community is not one of the qualifications for the designation.
https://commerce.maryland.gov/fund/programs-for-businesses/enterprise-zone-tax-credit