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Tax Credits
AVAILABLE INCENTIVES
Enterprise Zone Tax Credits
Local property tax credits for city and county property for up to 10 years on capital investments. Credit of 80% on increases in assessed value of real property for the first five years, decreasing by 10% annually for the remaining five years. State income tax ... more»
Hagerstown Conversion of MF to SFR Program
City and County property tax credits given for eligible renovations that convert a multi-family residential property in the City's Community Leagacy Area to a single-family residence. more»
Hagerstown Residential Rehab Program
City and County property tax credits given for eligible renovations of residential property in the City's Community Legacy Area. more»
Job Creation Tax Credit
Income tax credits for companies creating 60 or more new jobs. Jobs must pay at least 150% of the minimum wage. $1,500 x each new employee or 5% of total wages paid, which ever is less. more»
Low-Income Housing Tax Credit Program
U.S. Income Tax credits given for projects which create certain percentage of low-income housing units. The units must be maintained for a minimum of 15 years. Credits are competitively allocated annually and are for 4% or 9%, depending on federal subsidization. more»
Maryland Gift Easement Income, Property, Estate Tax Deduction
Value of easement is equal to loss in value of property due to imposition of easement. more»
Maryland's Heritage Preservation Tax Credit Program
Credit is equal to 20% of the approved rehab costs of "certified heritage structures." Work must be completed within a 24-month period. For owner-occupied properties, the rehabilitation costs must exceed $5,000. For income-producing properties, the rehabilitation must exceed the adjusted basis of the property (purchase ... more»
Neighborhood Partnership Program
Tax credits awarded on a competitive basis to non-profit service organizations that sponsor community development activities in designated revitalization areas. Non-profits trade tax credits to Maryland businesses for cash or goods contributions to their approved projects. Businesses receive tax credit equal to 50% of their ... more»
U.S. Income Tax Credits for Rehabilitation of Income-producing properties
20% of the rehab costs of "certified historic resources." Substantial rehab. more»
Washington County Property Tax Credit for Rehabilitation
10% of rehab costs, 5% of addition costs. more»
