Posted on December 21, 2016
TOWN OF BERLIN, MARYLAND
Office of the Mayor
Press Release
FOR IMMEDIATE RELEASE
For Information Contact: Ivy Wells
Director of Economic & Community Development
410-629-1722
Berlin remains an Enterprise Zone
In Worcester County
Enterprise Zones help to revitalize communities, attract businesses and create jobs.
(December 15, 2016) – The Maryland Department of Commerce re-designates Berlin as an Enterprise Zone. The enterprise zone program, established in 1982, provides real property and state income tax credits to businesses that create jobs and make capital investments.
Businesses located in the state’s 29 enterprise zones have received roughly $32 million in property tax credits in FY 2017 based on more than $2.8 billion in capital investments made in FY 2016. Over the past five years, businesses in Maryland’s enterprise zones have made a total of $13.7 billion in capital investments.
The Town of Berlin applied to re-designate our existing zone, which expired this month. The boundaries of the zone remain the same and include vital parts of Berlin and extends into Worcester County. The Town hopes the zone will continue to help attract new businesses and jobs and increase traffic in the downtown area.
“We look forward to continuing our Enterprise Zone Tax Credit program as a key driver for economic development in Berlin. We hope these incentives will encourage job growth and also promote development on our vacant, underutilized land.” said Ivy Wells, the Town of Berlin’s Director of Economic and Community Development.
“We are committed to ensuring the businesses in the Berlin area have continued access to Enterprise Zone tax credits, and we are happy to hear that our combined efforts with the Town of Berlin have been successful.” Said Merry Mears, Director of Economic Development for Worcester County.
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.
About Maryland Commerce:
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov or contact: Karen Glenn Hood, Director, Media Relations and Public Affairs, Maryland Department of Commerce, 410-767-6318
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Categories: News
Tags: enterprise, worcester, zone
