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Maryland expands enterprise zones

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Maryland expands enterprise zones

The Maryland Commerce Department said Thursday it is expanding the tax breaks available to businesses that locate in certain parts of the state called enterprise zones, which aim to encourage targeted business investment.

The state said it approved Queen Anne’s County’s request to create a 1,300-acre enterprise zone on the U.S. 50/301 corridor, which aims to make business parks there more attractive. In Baltimore, the state approved the city’s bid to expand the credits available in a 140-acre area in West Baltimore through a “focus area” to spur investment around North and Pennsylvania avenues.

The state also renewed existing enterprise zones in Somerset and Worcester counties and expanded such zones in Harford and Wicomico counties.

Enterprise zones provide breaks on property taxes for 10 years, phasing down from 80 percent of the assessment in the first five years. Businesses also receive tax credits for hires made after locating in one of the designated areas.