Want to score tax breaks for opening a new business in Maryland? Head to College Park.
A 470-acre area in and around the University of Maryland campus has been designated as a RISE Zone that will offer tax breaks to some businesses within its borders, the Maryland Department of Commerce announced Thursday.
A RISE — or Regional Institution Strategic Enterprise Zone — is a Maryland program aimed at economic development and job creation. Commercial and industrial businesses in (or moving to) the zone can benefit from real estate and income tax credits.
RISE zones tend to be centered around institutions of higher learning. A similar zone is located around University Maryland Baltimore.
Among the businesses eligible to receive incentives: engineering, cybersecurity, aerospace, and biotechnology, among others. Existing businesses in a RISE Zone that invest a minimum of $5 million and create at least 50 jobs are eligible for the benefits. Companies in target industries are eligible for…Read the full story from the Washington Business Journal.
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