Menu

Known for the Companies We Keep

Helping Businesses Launch, Locate, and Expand in the City of Rockville, Maryland

Business Funding & Incentives

Tax Credits for Job Creation

New Jobs Tax Credit
from Montgomery County and the State of Maryland

  • Combined state and county tax credits to businesses that hire 25 or more permanent, full-time employees during a 24 month period and occupy 5,000 square foot of new and previously unoccupied space.
  • If eligible, Montgomery County shall grant a tax credit against real and personal property taxes on the assessment of the new and expanded premises for a period of 6 taxable years (52% during years 1 and 2, 39% during years 3 and 4, and 26% during years 5 and 6.
  • The entity also qualifies for the state tax credit, which is applied against individual or corporate income tax, insurance premiums tax, or financial institution franchise tax, and is equal to a percentage of the amount of property tax imposed on the assessment of the new or expanded premises for a period of 6 taxable years (28% during years 1 and 2, 21% during years 3 and 4, and 14% during years 5 and 6.
  • These program can be combined for a total tax credit of 80% during years 1 and 2, 60% during years 3 and 4, and 40% during years 5 and 6.
  • Additional questions should be directed to Mike Coveyou, Montgomery County Department of Finance at 240-777-8878 or by e-mail.

 

Enhanced Jobs Tax Credit
from Montgomery County and the State of Maryland

  • Combined state and county tax credits to businesses that create at least 500 to 1,250 new permanent and full-time positions, increase its space by at least 250,000 square feet, and pay all these employees at least 150% of the federal minimum wage. The business entity has a 6-year period to employ the required number of individuals, and obtain and occupy the new and expanded premises.
  • For each of the first 12 years after a business qualifies, Montgomery County shall grant a tax credit equal to 58.5% of the amount of property tax imposed on the increase in assessment of the real and personal property.
  • The entity also qualifies for the state tax credit, which is equal to 31.5% of the amount of County property tax imposed on the increased assessment of the real and personal property tax for each of the first 12 taxable years after qualification.
  • Additional questions should be directed to Mike Coveyou, Montgomery County Department of Finance at 240-777-8878 or by e-mail.

Thank you for signing up!