The New Jobs Tax Credit and the Enhanced New Jobs Tax Credit, benefits businesses that are planning to increase both their space (by at least 5,000 square feet), and their permanent full time employee count by at least 25 new positions. A business seeking either credit must notify the County in writing of its intent to claim the credit before the expansion. Send correspondence to: Finance, Office of the Treasury, 27 Courthouse Square, Suite 200, Rockville, MD. 20852.

The New Jobs Tax credit program is based on the increase in both real and personal property tax assessments resulting from expansion. The credit decreases over six years, as follows: Years 1 and 2 Credit equals 52%, Years 3 and 4 Credit equals 39%, Years 5 and 6 Credit equals 26% of tax attributable to the assessment increase. New Jobs Tax Credit recipients automatically receive an additional State of Maryland tax credit, which uses the same calculation method. However, the State credit is given against one of the following taxes: Corporate or personal income taxes, Financial institutions franchise tax, or Insurance premiums tax.

Businesses that currently reside in or are moving to the County from outside the State of Maryland are eligible to apply for this credit as well. However, businesses that move to Montgomery County from another Maryland county, Baltimore City or are retail are not eligible.

To contact an office representative, call: 240.777.8931.