The Maryland Department of Commerce has announced the designation of a new enterprise zone in northern Caroline County, which includes the towns of Ridgely, Greensboro, and Goldsboro and the Mid Shore Regional Technology and Business Park.
The state has also redesignated Garrett County's enterprise zone, and expanded the existing zones in Cecil and Talbot counties. The enterprise zone program, established in 1982, provides local property and state income tax credits to businesses that create jobs and make capital investments.
The new 710-acre North County Enterprise Zone in Caroline County includes a number of industrial and key commercial properties. With this new zone, Caroline County aims to fully develop the Mid Shore Regional Technology and Business Park and develop an industrial area west of the town of Greensboro.
In Western Maryland, the Northern Garrett Enterprise Zone is redesignated, which includes the Northern Garrett Industrial Park. This 110-acre zone will allow for the industrial park, which is currently home to six businesses, to continue to develop and provide companies with high-speed internet service, sufficient water for fire suppression, public water and sewer, and three-phase power.
The Cecil County Enterprise Zone has been approved for expansion to include the towns of Perryville and North East, and the Town of Easton and Talbot County jointly applied to expand the Easton Talbot County Enterprise Zone to add 220-acres including Easton Point, the Talbot Commerce Park, and Mistletoe Hall Farm.
Maryland currently has 38 enterprise zones. Businesses located in the state enterprise zones have received roughly $60 million in property tax credits in FY 2019 based on more than $3.3 billion in capital investments made in FY 2018.