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St. Mary's County EDC approves revised targeted-industry list and readies property-tax credit process
Summary
The St. Mary's County Economic Development Commission approved a revised list of targeted industries that adds restricted retail for underserved areas and agreed to forward applications for a state-authorized property tax credit to the county commissioners for contract approval.
The St. Mary's County Economic Development Commission on Sept. 21 approved a revised list of industries targeted for incentive support, adding retail in narrowly defined underserved locations and instructing staff to forward applications for a state-authorized property tax credit to the county commissioners for final approval.
The change stems from a new state law referenced in the meeting as SB 998 that allows St. Mary's County to offer a property tax credit for businesses that create 10 or more full-time jobs in targeted industries. Chris, a staff member in the St. Mary's County Department of Economic Development, said the credit may apply to both personal and real property and can run for up to 10 years under a contract with a company and a clawback provision if job-creation targets are not met. "This allows us to give, offer a property tax credit, for businesses…
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