Gov Moore Announces New and Redesignated Enterprise Zones
The Maryland Department of Commerce has approved three new Enterprise Zones – and one is in Worcester County. Several existing Enterprise Zones have been redesignated and expanded – including the Town of Princess Anne and the City of Cambridge. The new Enterprise Zone is Snow Hill. Governor Wes Moore says the Enterprise Zone program serves as a catalyst for growth and revitalization in areas that need it most.
Additional information from Governor Moore:
A joint effort between state and local governments, the Enterprise Zone program provides real property and state income tax credits for businesses that create jobs and make capital investments. Businesses located in the state’s 34 Enterprise Zones will receive $47 million in property tax credits based on more than $4.3 billion in investments made in FY23.
The Maryland Department of Commerce approves the State’s Enterprise Zones, while local governments are responsible for their administration. Businesses operating within an Enterprise Zone may be eligible for a tax credit towards their state income tax filings based upon the number of new jobs created, and a tax credit on their local real property taxes based upon their overall capital investment into a property.
“The Snow Hill Mayor and Council look forward to leveraging enterprise zone benefits toward continued revitalization,” said Director of Economic Development for the Town of Snow Hill Lorissa McAllister. “This designation is indicative of the strong support from Worcester County and the State of Maryland in creating new opportunities for Snow Hill. It is with great excitement that we will promote this program to incentivize job creation and business development.”
One of two main centers of business and industry in Somerset County, the town of Princess Anne received approval for redesignation and expansion of its zone. The zone currently encompasses the town’s historic district, the University of Maryland Eastern Shore, the Princess Anne Industrial Park and Somerset Crossing, and will now include an additional 152 acres along Revells Neck Road where the new Somerset County Industrial Park will be built.
