Carroll County offers a variety of financing incentives designed to help your business grow. From low interest loans to job training grants, financing packages and incentives are customized for each individual project. The following incentives may be available for development projects:
Job Creation Tax Credit Program
To entice job creation, Carroll County has instituted a Job Creation Tax Credit program. The program allows for a tax credit against the County property tax imposed on real property owned by a business entity.
The program provides a tax credit incentive based on increased employment. A business must construct or expand by 5,000 square feet and employ 25 persons in new full-time positions within the first 24 months. The positions must be new to the state and pay at least 125% of the Average Weekly Wage per worker as determined by the Maryland Department of Labor, Licensing and Regulation.
Gateway Renovation Tax Credit Program
In an effort to promote redevelopment and revitalization of the Finksburg MD 140 commercial corridor, Carroll County offers a Gateway Tax Credit program. The county recognizes that redevelopment can be a costly and difficult process to undertake. The Gateway Renovation Tax Credit program acts as a catalyst to encourage eligible property owners to visually enhance their properties.
The tax credit is only granted for improvements that significantly improve the overall appearance of the property. The tax credit is based on the percentage of the improvement cost compared to the current assessed value of the property. Tax credits can be available for up to five years.
Eligible properties are those zoned for commercial or industrial use and located on or adjacent to the MD 140 corridor, from the Carroll County line to Sandymount Road. Qualified improvements can include improvements to the exterior façade, landscaping or other physical exterior site improvements such as signage, lighting, sidewalks and pedestrian plazas.
Green Building Tax Credit
Carroll County offers businesses a tax credit to encourage and promote the design, construction and operation of buildings using sustainable or green building principles that may reduce environmental impacts.
The ordinance is available for viewing here or contact Paige Sunderland, Business Development Manager, at firstname.lastname@example.org.
- Tax credit is only granted for taxes levied on real property in the County. The property must be primarily used for business, commercial or industrial purposes
- The property tax is available for projects that meet the minimum LEED rating of Silver or the minimum Green Globes Rating of two Green Globes or another recognized equivalent standard
- The amount of tax credit is based on the following:
- 25% credit for LEED Silver or equivalent
- 50% credit for LEED Gold or equivalent
- 75% credit for LEED Platinum or equivalent
- Tax credit is available for a period of up to five years
Industrial Revenue Bonds
Carroll County can authorize the use of an IRB to help fund a particular project. Tax exempt IRB's can be offered to manufacturing or other development projects meeting eligibility criteria. Eligible IRB projects costs typically begin at one million dollars. Funds can be used for land, machinery and building construction/renovation. Interest rates vary and the use of a bond counsel is necessary.
At no cost, Carroll County will prepare the legal resolution authorizing the project for an IRB and facilitate its presentation to the appropriate body.
Economic Development Trust Fund
The Department has a trust fund available to help fund project specific costs. When eligible, the department may offer grants or low-interest loans for a variety of needs.
Job training funds may be available to help employers hire Carroll County workers. Job training money is based on the number and quality of jobs created.
The Carroll County Small Business Development Center (SBDC) works with the U.S. Small Business Administration's (SBA) programs designed to aid small businesses. Financing options may include loans or loan guarantees. Check the SBDC Website for more information.
In-kind assistance is offered through the Business & Employment Resource Center (BERC). A one-stop workforce development center, BERC aids employers in finding qualified employees through job postings, recruitment fairs and employment screening. Labor, wage data and other important information is also available through BERC. Go to www.carrollworks.com to explore how BERC can help you with employment issues.
The Maryland Department of Business and Economic Development promotes a variety of programs to help business development. Programs range from job training programs to venture capital. For detailed information on DBED's programs, visit www.choosemaryland.org