The University of Maryland, Baltimore County (UMBC), in Catonsville, wants the Maryland Department of Commerce to designate part of its campus as an enterprise zone, which would make tenants in the area eligible for tax credits that are awarded for improving buildings and adding jobs.
The university is asking that its research-and-development (R&D) business park be given the special designation.
In 2014, the Maryland state legislature began the Regional Institution Strategic Enterprise Zone Program, to help governments and local institutions create jobs and attract businesses. If the university's request is granted, its zone would be the first in Baltimore County. Once created, businesses in the zone can apply for either property tax credits if they construct or improve a building, or they can ask for a $1,000 tax credit on their state income tax for each new job they create.
Tom Quirk, a county councilman who has UMBC in his district, said the university's business park generates a lot of economic activity. He believes that creating the district would bring emerging companies to the university, where they would join approximately 130 others.
If approved, the enterprise zone designation is good for five years, and could possibly be renewed for another five. There is a limit of three such zones in each county and municipality.
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