One Maryland

One Maryland is a distinct tax credit program aimed at those industries and businesses choosing to locate in targeted areas of the state, including Allegany County. The program allows businesses to qualify for up to $5.5 million in tax credits, and investment in a facility in the new location can realize project tax credits of up to $5 million, and start-up tax credits of up to $500,000.

It's a great deal for companies choosing to locate in Allegany County.

The project tax credits are based on qualifying costs and expenses incurred by the business in connection with the acquisition, construction, rehabilitation, installation or equipping of an eligible project, or facility. Eligible costs include land acquisition, performance and contract bonds, insurance, architectural and engineering services, environmental mitigation, and utility installation - among others. In order to qualify for the project tax credits, project costs must reach at least $500,000. Costs exceeding $5 million are not eligible for the program.

The start-up tax credit under One Maryland refers to the expense of moving a business from outside the state to Allegany County. It also covers the costs of equipping the new location. For instance, costs eligible for the program include fixed telecommunications equipment, office equipment, or office furnishings. Start-up credits earned may not exceed $500,000, or $10,000 multiplied by the number of new, qualified positions created by the business, whichever is less.