Bill > HB750

This bill modifies the property tax credit program for business entities in Washington County by adjusting several key requirements and incentives for economic development. The bill changes the eligibility criteria for existing and new businesses seeking property tax credits, including increasing the minimum square footage requirements and the number of new full-time positions that must be created. For existing businesses, the requirement to create new positions increases from one to five, and for new businesses locating in the county, the requirement increases from five to 25 positions. The bill also raises the minimum capital investment threshold from $10 million to $20 million for businesses creating new jobs. The property tax credit percentages are modified across multiple years, with more generous initial credits for both existing and new businesses. For businesses making significant investments, the credit now provides a sliding scale of tax relief from 75% in the first five years down to 0% by the 16th year, with more nuanced percentage reductions in between. The bill defines key terms like "full-time position" and "new permanent full-time position" and specifies that certain job shifts or changes in ownership do not qualify for the credit. The changes aim to encourage business expansion and job creation in Washington County by providing more attractive tax incentives.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0750?ys=2025RS