The Maryland Department of Business and Economic Development (DBED), has announced the expansion and renewal of the Enterprise Zone in Cecil County. The announcement was made by Gov. Martin O’Malley. Cecil was one of six zones in the state to receive the designation.
The Cecil County Enterprise Zone was approved for re-designation, as well as expansion, and will add 55 acres, giving the area a total of 4,334 acres. The zone includes the Upper Chesapeake Corporate Center, the Elkton Business Center, Triumph Industrial Park, Broadlands Business Park, North East Commerce Center, Peninsula Industrial Park, Principio Industrial Park and the Perryville Industrial Park.
The expansion is designed to help Cecil County increase its employment base, encourage expansion of existing businesses, increase the tax base and decrease its dependence of employment base on surrounding jurisdictions, according to the announcement from the state.
“The Enterprise Zone designation is a vital incentive for Cecil County, said Cecil County Office of Economic Development Director Lisa L. Webb. “It has been proven effective in creating job opportunities and encouraging capital investment in our community. We are pleased to have this re-designation that positions Cecil to be more competitive, strengthening our growth corridor as Maryland’s Gateway to Innovation.”
The Maryland Department of Business and Economic Development 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.
For more information on the department visitwww.ChooseMaryland.org
